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[athaureaux6]

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. 

[dkh]

Can't answer that without a lot more information.

C Corporation or S Corporation?   What was this $71000 for ?    etc etc 

[athaureaux6]

two members llc that files as a C-Corp. that closed in 2021. 

[sjrcpa]

 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.

[qbteachmt]

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?