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Finally, remaining distribution is liquidating dividend. Don't forget to prepare a 1099-DIV for year of liquidation.

Final 1120 can show a zero balance sheet.' data-inline-edit-type='wysiwyg' data-inline-edit-url='/answers/755678' id='inline_edit_answer_755678_body' There should be no further tax effect to the corporation, since the assets are worth exactly what's on the books.

The reorganization plan and associated disclosure statement were lodged in the U. District Court for the District of Delaware, where AHM filed for bankruptcy on Aug. A hearing to consider the adequacy of the disclosure statement is...

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Does anyone know how to do a liquidating distribution for a C Corp?

I have a client who sold his 'asset's and I sold them via the C Corp wtih profit flowing through on 1120 this year.

Law360, New York (August 18, 2008, AM EDT) -- A little more than a year after seeking bankruptcy protection, American Home Mortgage Inc.

has filed its Chapter 11 plan, which lays out its strategy for creating a liquidating trust and winding down the estates and cases of AHM and its seven affiliated debtors without substantive consolidation.

If the s\h has the cash, have him repay the loan to the corp and then distribute the cash to him.CHAPTER I ESTABLISHMENT AND ORGANIZATION OF THE BANGKO SENTRAL NG PILIPINAS ARTICLE IV - OPERATIONS OF THE BANGKO SENTRAL SECTION 22. — The Bangko Sentral shall prepare data and conduct economic research for the guidance of the Monetary Board in the formulation and implementation of its policies. — The Bangko Sentral shall have the authority to request from government offices and instrumentalities, or government-owned or controlled corporations, any data which it may require for the proper discharge of its functions and responsibilities.Such data shall include, among others, forecasts of the balance of payments of the Philippines, statistics on the monthly movement of the monetary aggregates and of prices and other statistical series and economic studies useful for the formulation and analysis of monetary, banking, credit and exchange policies. The Bangko Sentral through the Governor or in his absence, a duly authorized representative shall have the power to issue a subpoena for the production of the books and records for the aforesaid purpose.If he doesn't have cash, you can distribute the receivable to him - same treatment in his individual return, but I prefer the first option for a better trail.I try to make sure all expenses are considered in the final return - federal and state income tax, liquidation fees, my fee - and have the client write the final checks before he makes his own final distribution.The commission is also an accrued expense (liability) on the balance sheet for the delivery period, but not for the next period when the commission (cash) is paid out to the salesperson.

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