This should be painfully easy but I am struggling with this question. I dissolved an S Corp recently and have followed the dissolution and winding down guidelines. Everything is square with the state and I am currently under a filing extension with the IRS. The business was started years ago as a multi-member LLC and we obtained S Corp status soon after. Never operated as a C Corp. All that we had at closing was a bank account with $2,471 and approximately $500-$600 of tools that I would rather just keep for my own use in the future. I am trying to figure out how I report this liquid cash from the bank and value of tools on our final return. Does it go on schedule K-1 or a 1099-DIV ? I am sure it will need to be reported on personal taxes. Any help would be appreciated!
