Hello,
I'm trying to figure out what to do in the final tax filing when dissolving a S corp. I'm the only shareholder. The beginning year 'Loans from Shareholders' for Schedule K-1 is $11,000 based on ending year number from 2020. Is End of tax year value for 2021 supposed to be reduced to zero since I'm closing the company and if so, do I account for that loan as bad debt somewhere? The company had no income in 2021 to offset the listed loan amount.
