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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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phaleakala
phaleakala
Questions asked: 27
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Points earned: 11
phaleakala
phaleakala
Questions asked: 27
Questions answered: 9
Points earned: 11
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02/27/11 2:41pm PST
Viewed by asker 02/27/11 2:53pm PST

How do I file a final Form 1120 for a LLC who elected to be treated as a Corporation?

ProSeries

LLC in Hawaii (elected to file as Corporation) dissolved in 2010 - How do I handle final return? 

Are assets considered "sold" on dissolution date at zero sales price?  LLC only in existence sine 2008 and never had a profit.  Assets in 2009 = $7,294.00.  No income at all in 2009 and 2010.   Dissolved on 3/24/10.  No expenses other than attorney fees and depreciation.

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IRMN
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IRMN
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02/27/11 2:48pm PST

Were the assets thrown in the garbage?  If not, and they have some value, why would you show them as a zero sales price instead of what the assets were actually worth?

If this answers your question please click, um, ok I forgot what you are supposed to click. If this answered your question, how about just saying thanks and we will call it good.
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phaleakala
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02/27/11 2:53pm PST

Thanks for giving me the "knock on the back of my head" that I needed.  The partners/members are just taking back their equipment, so I will list the sales price as the current value (Cost less depreciation).  Thanks, IRMN!

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IRMN
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I hope there weren't any nails sticking out of my sign when I gave that knock on your head.  Glad you are back on track.

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