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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Megan, one final question. I am doing my corporate tax

Customer Question

Megan, one final question. I am doing my corporate tax return (intuit) and the deduction is $0 on my K-1. Is this because I have negative equity in the s-corp?
Submitted: 1 year ago.
Category: Tax
Expert:  clarson000 replied 1 year ago.

Please clarify this question for me. Did this corporation have income or a loss?

Customer: replied 1 year ago.
The corp did have a profit for 2015 but shareholders still have a negative stock basis.
Does this preclude a DPA deduction?