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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12025
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I liquidated s corp assets to share holders who sold them via

Customer Question

I liquidated s corp assets to share holders who sold them via installment sale with no money down and the first payment received one month after signing. I never filed form 966, do i need to do that now 1 year later?
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Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...If this was a COMPLETE liquidation and you DISSOLVED the corporation, yes there should be a 966, a final 1120-S (final return box checked), a corporate resolution to dissolve, and likely, depending on your state, you'll need to clear (in some states get a clearing certificate) with the secretary of state, showing that all outstanding state taxes, filing fees, privilege tax, etc. have been paid....IRS requires the S corporation to file the final return by the 15th of the third month after dissolution....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.
Customer: replied 1 year ago.
The s corp finished up business on December 31, 2015 and we did not have all paperwork ready so filed an extension for the tax return but am now filing. Do I file Form 966 with liquidation plan date of January 1, 2015 which is when it was?
Expert:  Lane replied 1 year ago.
Hi, sorry. I didn't see you come back in...Yes you use the Date of resolution OR plan of complete or partial liquidation was adopted, on the form,...AND...File Form 966 within 30 days after the resolution or plan is adopted to dissolve the corporation or liquidate any of its stock....If the resolution or plan is amended or supplemented after Form 966 is filed, file another Form 966 within 30 days after the amendment or supplement is adopted.
Expert:  Lane replied 1 year ago.
These dates are irrespective of any income tax filing...Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.