Liquidating divs related to E& P go on a 1099-DIV.For an S that's always been an S, they don't go on a 1099-DIV.The company originally acquired the prints for 0,000, and they have a fair market value as of the date of dividend declaration of ,000,000.
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Although your corporate bylaws or state laws may spell out the liquidation and dissolution process, the methods used are generally similar between corporations.
Liquidation of assets occurs once your S corporation has filed its dissolution paperwork with your state’s business registration office, frequently the secretary of state or similar state agency.
For example, you could include a provision stating only corporate officers can vote for a liquidation plan or that the corporation must hold a meeting of shareholders before the liquidation plan is approved.
If your bylaws give your officers authority to approve dissolution and establish a liquidation plan, the consent of a majority of officers is typically required to begin the dissolution and liquidation process.
It may take some time to close down your business and dispose of all your business assets.