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Business & farm
Yes. I liquidated CA S-corp by filing the form 966 (Corporate Disolution or Liquidation). On the form there is no $ but only the 1,000 common shares as the total number of shares outstanding at the time of liquidation. Schedule D and form 8949 were also filed due to the sale of a company car which had a gain of $5,000, which added to the cash sitting in the bank account. An asset transfer agreement was also done at the end of 2022 to transfer all assets and liabilities and the 1,000 shares from CA S-corp to NV S-corp.
I am still using the same QB company file of the CA S-corp and was hoping that I would continue the book-keeping in QB as @Critter-3 mentioned. But just wanted to confirm how to treat the transferred assets ($53K total)
a) in the 2023 tax return (1020S) which would be the 1st year for the NV S-corp and
b) if I need to do some journal entries in Quickbook to reflect the transferring of the assets