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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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athaureaux6
Level 8
03-25-2022
08:46 PM
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Hi online community,
I need help on this issue. Two members of an LLc that files as corporation closed the business in 2021. They each received a check for around 71000 from the corporation. How is that reported in the personal income tax. I will appreciate everybody's opinion about this. I have a slight idea but I am not convinced. Thank you and have a great evening.
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athaureaux6
Level 8
03-25-2022
09:09 PM
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two members llc that files as a C-Corp. that closed in 2021.
sjrcpa
Level 15
03-25-2022
09:26 PM
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Who prepared the final corporate return? How was it treated on that return?
Probably is a dividend/liquidating distribution and 1099-DIVs should have been issued.
The more I know, the more I don't know.
qbteachmt
Level 15
03-26-2022
12:18 PM
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What does "closed the business" mean?
Stopped operating some activity, but the C Corp still exists and is in business?
Sold or otherwise disposed of the assets of the business?
Closed the corporation, too?
Simply split the money that was in the bank?
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