I have liquidated my S-Corp, and the remaining $5,000 in cash was distributed to me, the sole owner. This matches my basis exactly, so there is no resulting gain/loss.
I was going to report the $5,000 as a normal S-Corp distribution on the K-1, but it sounds like that is not correct since this is a full liquidation.
1. Does this $5,000 NOT get reported on the 1120-S anywhere?
2. To report this $5,000 liquidating distribution to the IRS, do I just issue a 1099-DIV and put the $5,000 on Box 9 (Cash Liquidation Distributions)? The business doesn't report the liquidating distribution anywhere else?
3. When I fill out my personal 1040, will it give me the opportunity to enter the basis ($5,000) so that the 1099-DIV amount will result in no gain? (Any tips for the best way to report the 1099-DIV amount on my 1040 to reflect it results in no gain?)
Thanks so much for your help!
