Question
AAA balance on Final S Corp Return
Should the AAA balance be $0 in the final return of an S Corp. that was never a C Corp so no E&P to worry about? Balance sheet is zeroed out at end of 2020. Distribution of cash and a computer purchased in 2011 that had taken the Sec 179 deduction. I show a positive AAA balance but should it be $0? I showed the cash distribution in the AAA but the AAA balance still shows a positive number rather than $0. Thanks.
