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Residual Income/Expense Reporting for Discontinued S-Corp.

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This entity is no longer an S Corporation since he sold his business. Also, it appears he is no longer incorporated. He probably needs to report this income and expenses on a 1040 Schedule C. He could have elected to form another S Corporation. If this were the case, he could have reported it on a “short tax year” 1120S return.

The rules of incorporation go beyond my scope of knowledge. The information above is based on what I believe and not substantiated by documented facts.

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