I am a 50% passive owner and corporate officer of a S Corporation which has returned very little profit over 20 years. Currently, I am reporting a small income from the Corporation I have not received. I no longer want to be involved with a business, for which I receive no benefits and end up with a tax liability for income I never received.
I'm not getting much help from others involved, and it seems difficult to just give away a losing investment, since nobody wants it.
How can I get rid of a losing S Corporation investment, and get my name off the books, so I don't have to pay more taxes on income I never receive. I don't want to pursue collecting income due, I just want to get rid of the whole thing.
Thanks,
-Bill