I marked some assets sold to myself on Form 4562 when I did my final year tax return for my S corp. Should I prepare 1099-DIV for myself as well?

[Tax-ache]

I closed my S corp business. The assets I used to report on 179 need to be distributed or disposed of.

[PatriciaV]

If the business assets were not sold before the S-Corp ceased operations, the assets should have been reported as distributions of property to the remaining shareholder(s) of your S-Corp. This will zero out your assets and reduce members capital balance(s). The property distribution is reported on Schedule K-1.

This distribution is generally a nontaxable return of the shareholders' basis in the S-Corp stock. However, if the fair market value of the distributed assets is greater than the shareholder's basis, the excess is taxable as a sale.

Form 1099-DIV is used only if the S-Corp was converted from a C corporation that had earnings and profit.