Thanks. I looked at the IRS link, and found it confusing. Seems like it's for situations way more complicated than what I have...though I could be wrong.
Does this help clarify my situation...
I started the S-Corp with $1,000, and was the only (100%) shareholder/employee. I only took money out of the company via payroll, and on occasional dividend distribution. Otherwise, ran the company with standard income and deductions. Dissolved the company with about $2,500 in it's bank account, and no other assets on the books. So I took the $2,500 as a distribution. The only item left in Quickbooks is the $1,000 entry for my initial Capital Stock.
From what I read in the IRS link, I've had no other activity that affects this $1,000 initial basis, and the company stock is now worth $0, so I'm thinking I can take a deduction of the $1,000.
If it's more complicated, do I need to work with an accountant to sort this out based on more specific activity in the company?...or is there a simple way to close this out?
Thanks again for your help!
