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

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HELLO I'M DANY...I HAVE...

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

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

.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

Submitted: 2 years ago.Category: Tax
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Customer reply replied 2 years ago
Also, what about goodwill and finance costs that were amortized
Answered in 38 minutes by:
2/17/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,852
Experience: Taxes, Immigration, Labor Relations
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If the business is not sold.

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

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Tax Professional: Lev, Tax Advisor replied 2 years 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.

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