Hi Rick,
Thanks so much for your input. The balance sheet is currently zero except for the common stock and negative retained earnings which is what I was trying to figure out how to make zero. I'm a bit unclear about how to do that. Should part of the distributions be posted to common stock to zero it out? Should the negative retained earnings be shown as zero on the balance sheet? Does the final distribution not get reported anywhere on the 1120S, only on the 1099-DIV?
