hgtc
Level 5
03-11-2022
12:08 PM
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S-Corp shareholder (only shareholder) reported $100k excess distribution in 2020. He has $250k net incomes in 2021. So, his outside basis = $350k.
In Lacerte's M-2 ending balance = $350k while Balance Sheet, sch L is $100k less. Is this correct?
Also, shareholders basis computation report does include this $100K excess distribution in stock basis at year end.
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strongsilence
Level 11
03-11-2022
12:50 PM
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The 2020 excess distribution will add to SH basis only if it was taxed (on the 1040). Hope that helps.
