How would you close this Balance Sheet (B/S) asset on the Final Return for S-Corp? Cost: 60K – Depreciation 32K = Book Value 28K Auto Loan (Liability) – 22K Auto was sold to the shareholder (S/H) for 45K (FMV). How would you 1) zero-out this B/S item on S-Corp return, 2) where are proceeds flowing and 3) how would you show that S/H had assumed this liability (if needed)?

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