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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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If a sub S corp tax return, Form 1120S, shows distribution

Customer Question

If a sub S corp tax return, Form 1120S, shows distribution to a shareholder (under itmes affecting shareholder basis) and a K-1 that shows OBI is the shareholder taxed on the amount of the distribution and the OBI?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Can you verify how distribution and OBI are reported - which box on K1 and under which code (if appropriate) - ?

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