Dissolving 1120-S
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Level 1

Dissolving 1120-S

Dissolving a franchised S-Corp, had to pay 100k in fees, can I expense those cost?

4 Replies
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Level 15

Dissolving 1120-S

Dissolving, selling, or otherwise conveying to a third party? 

 

Regardless, you should most likely seek professional tax, and legal, guidance for your situation.

 

Otherwise, the general rule is that you can deduct all ordinary and necessary expenses incurred during the operation of your business.

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Level 1

Dissolving 1120-S

Dissolving, as it not an actual sell. I'm pretty much giving the business back to corporate and had to pay 100k in order to do so. 

 

Do you all offer live help?

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Level 15

Dissolving 1120-S

You can get in touch with Support via the link below, but they might not be of much assistance in this particular matter since the exact nature of how the $100,000 would be treated will probably depend upon the terms of the contract you signed, either as a franchisee or thereafter (when you relinquished your interest). As a result, you might want to consult, in-person, with a tax professional.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

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Level 1

Dissolving 1120-S

Awesome thanks!

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