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Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
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Experience:  Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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Form 1120, Schedule K, line 13, what does cash distributions

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Form 1120, Schedule K, line 13, what does cash distributions and book value property distributions (other than cash) mean? What are some examples.
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I believe you mean either form 1065 or form 1120S, Schedule K of form 1120 has no distribution questions.

For forms 1065 and 1120S, the income of the business each year is taxed directly to the partners or shareholders and there is no direct tax on distributions or dividends. Schedule K on these forms still reports what money or property was distributed to individual partners. Examples include partner withdrawals, personal expenses paid by the business on behalf of the owners, or any kind of asset that was distributed to the partners or shareholders (for example the business owns a car that the shareholder uses for personal purposes).

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Customer: replied 5 years ago.

OK the s Corp's total receipts and total assets at the end of the tax year are less than $250,000.00 so a Schedule L is not required to be completed.


So cash distributions would be partner withdrawals, personal expenses paid by the business on behalf of the owners. What are examples of book property distributions other than cash? What does that mean?


Thank you

Machinery, real property, equipment, vehicles, or receivables. It simply means, any asset that is distributed to a partner other than cash
Customer: replied 5 years ago.

Thank you for your help!Smile