I've made alot of ground on this. I've recaptured depreciation as mentioned above, recorded sale of assets to self at FMV, and posted liquidating distributions for remaining assets balances. I'm left with only this on the balance sheet:
Capital Stock: $100
Paid in Capital: $2,900
Retained Earnings: $26,000
Shareholder Distributions: $(29,000)
Total Equity: $0
The $(29,000) represents the cash and property liquidating distributions.
My personal basis has always been the retained earnings plus $3000 stock and PIC. So at this point, my basis is $29,000.
Because the gain/loss on liquidation is $0, I'm wondering if this means there is nothing to report on the 1099-DIV?
Thanks for any help!
