Dear sjrcpa,

Thank you again for your thoughtful comments.

The S-Corp. has been operating on custom order business, as a result there no receivable.   At the closing of year end, there is no payable.

The business has been operating on loss recent years, and shareholder has been using his own personal funds (as additional paid in capital) to keep his business operating.

Regarding fixed assets, only small amount remain yet to be depreciated.

Cash are not yet distributed to the shareholder.  There is enough stock basis due to additional paid in capital, cash would be distributed to the shareholder without tax consequence. 

My concern is how to finalize Form 1120-S in year 2019.  Or do I need to go over to year 2020 for the distribution.  Operation of business has been ended as of 12/31/2019.    

Thank you for your time and consideration.