A corporation was completely liquidated and dissolved during year 14. The filing fees, professional fees, and other

Question:

A corporation was completely liquidated and dissolved during year 14. The filing fees, professional fees, and other expenditures incurred in connection with the liquidation and dissolution are:

a. Deductible in full by the dissolved corporation.

b.Deductible by the shareholders and not by the corporation.

c. Treated as capital losses by the corporation.

d. Not deductible either by the corporation or shareholders.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....

Fantastic news! We've Found the answer you've been seeking!