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I am a question on closing corporate books

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I am a question on closing corporate books
Submitted: 2 years ago.Category: Finance
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Customer reply replied 2 years 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 reply replied 2 years ago
Anyone to answer?
Answered in 1 day by:
3/11/2016
Financial Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 2 years ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 323
Experience: Tax Accountant at Praxair, Inc.
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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)

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