Thanks SOO much for helping out! Thinking forward to the required dissolution recordation steps then...
For the Trademark/Servicemark write off? This is merely an entry in the QuickBooks Corporate Books and not even pertinent for the 1120 taxes except for the small amount of actual Out Of Pocket spent in the final year.
For the Item Liquidation, does it matter if the items involved were originally recorded by the Corporation as Research & Development expenses? Technically on the Company books they ARE NOT kept as assets. Or do I need to (separately from the QuickBooks and Tax Return) arrive at a Fair Market Value of the non capitalized assets? I presume I would need to record that on Form 4797? Would I need to also send the Founder a 1099-DIV showing a loss for whatever amount was not exchanged on the Form 4797?
Thanks in advance for any clarifications you can add!
