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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I am a question on closing corporate books

Customer Question

I am a question on closing corporate books
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
S Corp is looking to close/dissolve the book/company and file final tax return. Currently there is a loss of 16K for 2015 on P&L and Balance Sheet has some investment CD/funds and some real estate/fixed assets on Asset side and concurrent it has some Account payable and Loan amount on Liability side. The lender is willing to write off and waive the liability for the borrowed loan amount. How should this be treated and reported in proper way with documentations, how to make entries to close the books, what are the tax liabilities for the owner (effecting K1). Please guide a appropriate way to handle this in compliance with rules.
Customer: replied 1 year ago.
Anyone to answer?
Expert:  Jonathan Tierney replied 1 year ago.

Hi, my name is ***** ***** I can help, though I do not think I can answer this through the written Q&A method, so I will post a service offer so we can talk on the phone and get your answers faster. It would also help if you upload a copy of your balance sheet (including description for other assets/liabilities)