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Deemed Sale

Garymg
Level 2

How do you report a deemed sale in the liquidation of an S Corp on Lacerte

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3 Comments 3
sjrcpa
Level 15

Same as an actual sale.

The more I know, the more I don't know.
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Garymg
Level 2

I understand, however it is a phantom number that should not affect the balance sheet.

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sjrcpa
Level 15

Try an M-1 adjustment - income on tax return not on books.

The more I know, the more I don't know.
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