S-corp Asset sell no income I have already filed my 1040 on time for 2009 but have not filed my 1120S for 2009 as I had applied for extension.
I did not have income in s-corp in 2009 but had profit in 2007 and 2008 .
I have some assets worth 10,000 of fair market value and I want to close my s-corp.
Please suggest what way to complete my 2009 tax obligation for s-corp.
Since I had already filed my 1040 for 09, for any losses/profit on assets will I have to amend my 1040 (due to K1) OR can I take to 2010.
Is it better to show my S-corp close in 2010 instead if so then can I carry the depreciation loss on assets to 2010.
Thanks
Bajrang
Last edited by COFL : 07-16-2010 at 07:27 PM.
Reason: more clarity to question
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