JJZBCI
New Member

Inventory taken by owner at close of business

A single member LLC filing taxes as an S Corp is closing.

The single member wishes to keep inventory for personal use.

I believe the amount of the inventory taken can be  listed on the 1125-A form (COGS)

as a negative number under purchases to zero out the inventory.

Should this amount be recorded on a K-1 or anywhere else on the final tax return for the business?