Client wants to close/liquidate their NV cash-basis S-Corp since business was discontinued on 12/31/07. They continued to pay lease until April, and collected some receivables. If a final return is prepared as of 12/31/07, how are these trailing expense/revenue handled? They are adamant that they want the business liquidated on 12/31/07 to avoid paying Nevada monthly fees and 2008 1120-S cost. I'd appreciate any input you can offer.
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Is this a dumb question, or something?
Can someone help? -
Dumb client
Having the same problem with my bro-in-law, and I don't even charge him.Comment
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When is a corporation terminated?
Shareholders adopt a plan and you file a document with the state of incorporation. It doesn't terminate just because the business does.Comment
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Debts the shareholders assume when a Corp dissolves reduce the gain or increase the loss on Schedule D.Comment
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