ChiHoang
Level 5
03-02-2023
07:58 AM
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$10,000 is for inventory only and does not include cash on the bank account. The buyer bought the store for the inventory, not the corporation.
Do I need to zero out the balance sheet on the S-corp final return ? What transactions do I need to do to zero out cash, inventory, loan to shareholders, Capital and retained earnings accounts ?
Do i process form 4797 for the loss of sale ?
Thanks for your help