Hello,
How should we write off the remaining undepreciated amounts of leasehold improvements in the final 1120S return? The leasehold improvements cannot be distributed and also the property will be demolished.
Is it possible to write it off as expense for the final year? I tried putting the assets as disposed off with zero sales price but it shows as capital loss in the K1s so the shareholder will only be able to deduct $3k capital loss per year. Thank you.
