Twin
Level 1
08-21-2021
08:58 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client who sold his S Corporation. The buyer was a C Corporation and did not change any of the S Corporations identity numbers (EIN and state ID). When the sale occurred, the only liabilities that existed was payroll, and my client retained those and paid them when due. The S Corp was on an accrual basis and the payroll was paid after the sale occurred. How does the S Corp record this expense?
Labels