1120 s Sch L

[grandmabee]

new client 1120S priors 2 years return only had asset and accul deprec complete and pluged the balance in retained earnings. No bank balance etc. Sale were 458,000 so must complete. What would you suggust to get started on completing the Sch L. I can get bank balance. but equity I will need all prior tax returns and not available at this time. Working on getting copies. Client wants to file personal returns and corp return and work on the correcting the Sch L later.

What is everyone opinion on that? any pitfalls?

Thanks for any help/

[michaelmars]

i wouldn't sweat it at all, just get cash and fixed assets correct, is there receivables or payables? allocate some of the equity to capital stock. i use [in absence of any other proof] $1000 per shareholder. as long as its profitable and basis for deducting losses isn't an issue now i would worry about more percise analysis after 4/15