How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I HAVE A CLIENT THAT HAS A FINAL 1120-S. IT HAS BEEN A TIME

Customer Question

HELLO I'M DANY...I HAVE A CLIENT THAT HAS A FINAL 1120-S. IT HAS BEEN A LONG TIME SINCE I HAVE CLOSED A BALANCE SHEET. I CAN'T REMEMBER WHAT THE ADJUSTMENT IS, DAH. THE COMPANY WENT OUT OF BUSINESS, HUGE NEG R\E, LOANS NOT PAID AND NO EQUITY IN ANY EQUIPMENT
JA: Thanks. Can you give me any more details about your issue?
Customer: .I HAVE A CLIENT THAT HAS A FINAL 1120-S. IT HAS BEEN A LONG TIME SINCE I HAVE CLOSED A BALANCE SHEET. I CAN'T REMEMBER WHAT THE ADJUSTMENT IS, DAH. THE COMPANY WENT OUT OF BUSINESS, HUGE NEG R\E, LOANS NOT PAID AND NO EQUITY IN ANY EQUIPMENT
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 9 months ago.
Category: Tax
Customer: replied 9 months ago.
Also, what about goodwill and finance costs that were amortized
Expert:  Lev replied 9 months ago.

If the business is not sold.

The goodwill that was purchased and amortized is classified as amortizable section 197 intangible asset.

Expert:  Lev replied 9 months ago.

You will report the disposition of that asset (assuming it becomes worthless - and there will be a loss.

It is not clear what you meant under "finance costs" is that a loan?

Let me know if you need any help with reporting.

Otherwise,

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

Related Tax Questions