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Old 04-27-2009, 07:23 AM
amyoung
 
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Dissolving S Corp ... What to do with Assets and Shareholder Basis

I've been running a Florida S-Corp for seven years now. I am the only shareholder. The first few years were profitable, but these last two have been all losses. I'm at the point where I am ready to dissolve the company as there is not enough money left in the account to pay the annual fees associated with keeping it going. Only problem is I'm not sure what to do with the few assets that are left on the books, as there is still some depreciation left on them. As the 100% shareholder can I just transfer the market value to my basis account? Also, because the company has been running losses for the last few years my shareholder basis and loan accounts have all been depleted down to zero, and I have several thousand $$ in carryover losses. Is there anyway to show these losses on my personal return with no basis left? I appreciate whatever guidance you can provide.



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