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Community: Investing Wiki

Term Of The Hour

rules taxes closing-business: Original post by Shula Asher Silberstein of Demand Media If you dissolve your partnership or corporation you will need to zero out the balance sheet on your final tax return. This indicates that you are closing the business and intend to pay whatever tax is due. When transferring a partnership, you may not follow the same rules regarding zeroing out the balance sheet.

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