Hi We are selling stock, all existing shareholders are retiring, and the new owners want to continue business without interruptions. We will get agreed money at closing. However, my concern how the corp 1120s tax return should be prepared? Who is responsible for prep? Do I close books as of April 30, and buyers start from scratch with my ending balance sheet? Do we prepare one tax return with all k-1s at the end of the year or based on sale date we can do ours for 4 months and new owners will do their own for the rest of the year? Thanks
