Thanks for the quick reply, Dave. All the equipment was either expensed or has depreciated completely. Would I report that as a capital gain, or income, or?
I ended up entering figures on Sched L line 25 (Adjustments to shareholder equity) and line 18 (other current liabilities), using the Forms mode of TurboTax, to...
I don't HAVE "books" -- I have a checking account which money flows into and out of, period. There has got to be a simple way to enter a number in the TurboTax ...
Thank you for the thorough reply!I think I understand the shareholder payout now, which can be *up to* the Sched K-1 amount.Since I'll pay personal income tax o...