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I am a shareholder in an S Corp, do I have to put the amount
I am a shareholder in an S Corp, do I have to put the amount I netted with no write-off's its just plain income to me personally? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Lane! If a partnership has a negative capital account (or
Hello again, Lane! If a partnership has a negative capital account (or S-Corp has a negative AAA account) does the IRS require any sort of partner (shareholder) basis information to be attached to the… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,483 satisfied customers
I am preparing 1040 that have a k-1 from his S Corp which is
I am preparing 1040 that have a k-1 from his S Corp which is showing the following: … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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LLC being treated as an “S” Corp purposes. The Net Profits
For an LLC being treated as an “S” Corp for tax purposes. The Net Profits for prior years should be shown as what on the Balance Sheet? Am I coorect int thinking that those Net Profits that are not pa… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,483 satisfied customers
I am looking practical method to explain to my clients
I am looking for a practical method to explain to my clients how Shareholder distributions work for a multi-shareholder S-Corp. More specifically, the timing of distributions, and the tax & book diffe… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,483 satisfied customers
I received a Schedule K-1 (Form 1120S) from a closed business
I received a Schedule K-1 (Form 1120S) from a closed business that shows an income from sale of business assets. Box 17 has Code V - that has the description "Shareholder Basis has not been tracked at… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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About 13 years ago, I became a minority owner in an S Corp.
About 13 years ago, I became a minority owner in an S Corp. I paid roughly $80,000 for my ownship stake at that time. Over the years, all the owners have taken return of capital distributions, mainly … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
how do I know if my k-1 box 16 d will trigger a capital gains
how do I know if my k-1 box 16 d will trigger a capital gains event? i.e. how do I know it is more than the basis of my ownership in the S-corp?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,483 satisfied customers
Are cash contributions to S-corporation MUST be in proportion
Are cash contributions to S-corporation MUST be in proportion to the ownership percentage between 2 shareholders? How it will affect taxes? What about owner distributions - they also must be in propor… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,483 satisfied customers
I started a company (s corp) last year that was a treasury
I started a company (s corp) last year that was a treasury management company for some of my other businesses. I also wanted the new company to serve as a consolidated investment company, using the ca… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Our S-Corp went "under" around 2008 (cabinet maker). The corporation
Our S-Corp went "under" around 2008 (cabinet maker). The corporation AND my husband received a 1099-C for a line of credit the corp had with the bank. Where do I enter this - on our 1040 or 1120S? As … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
This is somwhat the same question as I have asked earlier.
This is somwhat the same question as I have asked earlier. But want to clarify something. We are an LLC with 4 equal partners as drawn up in our initial contract. Each of there shares were awarded to … read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
sub chapter s tax question a sub s corp is formed snd the
sub chapter s tax question a sub s corp is formed snd the investment into the business is 90,000. year one they lose 50,000 year two lose 20,000 year three they make15,000 what is the basis in the com… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
Seeking clarification on basis calculation for 100% owner of
Seeking clarification on basis calculation for 100% owner of S Corporation and treatment of distributions and distributions in excess of basis.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Need someone familiar with Georgia S-Corp and Georgia individual
Need someone familiar with Georgia S-Corp and Georgia individual income tax...If a domestic Fla S-Corp with one office in Georgia and one office in Florida has GA residents as shareholders, will their… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I filed sch-E for my rental properties in past years. Now
I filed sch-E for my rental properties in past years. Now that I "incorporated" and placed the rental properties in an S-corporation and the income/loss from the S-corporation is a taxable "pass-thru"… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
I sold a franchise business in 2007 in an asset sale. The
I sold a franchise business in 2007 in an asset sale. The franchise was held under an S Corporation, with 2 shareholders of 50% each (my wife and me). The franchise operated at a loss each of the year… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
a sub S corp with 2 owners provides K1 with ($8190) loss to
a sub S corp with 2 owners provides K1 with ($8190) loss to each. They have previously exceeded the cost basis. Does the negative amount still get listed on our 1040 form. When it is entered in turbo … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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