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Loss carryforward on 1120S. Application and basis

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calculation....
Loss carryforward on 1120S. Application and basis calculation.
Submitted: 4 months ago.Category: Capital Gains and Losses
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Answered in 15 days by:
3/30/2018
Tax Expert: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 3 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Capital Gains and Losses
Satisfied Customers: 1,160
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Expert: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 3 months ago

Dear Customer,

I am sorry for the long delay in responding. Your question has just brought to my list.

Form 1120S has no loss carry forward. The loss is recognized by the shareholders K-1s on their own personal tax return.

The loss recognized decreases the shareholder's basis; income recognized increases basis. The money put into the company and loan personally guaranteed can increase basis. The money taken out and the loan previously personally guaranteed returned decreases basis.

Please feel free to follow up.

Regards,

Fiona

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