Closing a Corporation - Final 1120/1120S

With: Larry Zimbler

Closing a Corporation - Final 1120/1120S

Session#: 935-15

A corporation's life eventually will come to an end. In this session, we'll discuss the sale of business assets for both C and S corporations, abandonment and repossession of assets. Federal tax law and general state law processes are presented, and special situations such as the abandonment of goodwill and attribution of goodwill to a shareholder are discussed. Make sure to download the appendix containing examples

Upon completion of the session, you will be able to:

  1. List steps required in closing a corporation.

  2. Identify the differences between closing a C corporation and closing an S corporation.

  3. Identify the special rules for installment sales.

  4. Account for the disposition of assets and the final Form 1120/1120S.

  5. Summarize the impact a liquidation has on corporate shareholders.

  6. Identify special considerations applicable to corporate liquidations.

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  • Closing a Corporation - Final 1120/1120S

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