An Scorp I was 25% owner of turned all assets over to a new 501(c)3 org. How do I show that? As a business loss or charitable deduction?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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We started in 2012, and turned over the company to the non-profit on 10/20/16. I have a k-1 that shows a profit. We didn't get a final K-1 yet. We ended with a valuation of $69940. We left $1147 in the bank to pay for end of year expenses.

TurboTax Self Employed Online

Best answer by h-derwin

Has my fedirail income tax been sent in all.

h-derwinAnswer

Level 2

Has my fedirail income tax been sent in all.

janebnortonAuthor

Level 2

Not sure what you mean by that. The company's is probably done, I'm doing my personal taxes now.

An Scorp I was 25% owner of turned all assets over to a new 501(c)3 org. How do I show that? As a business loss or charitable deduction?

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