Hi,

I have a basis question for a s-corp.  I normally let my accountant do my taxes but it has been a rough year for oil and gas so I can't afford his fees with out using 1/3 of the upcoming years revenue as the wells are not producing much revenue anymore. 

For 2020 after working thru the basis worksheet I end up with a negative stock basis.  Which I can't have of course. I have had business losses for the last 2 years which has whittled down my basis.  As of the end of 2019 I had $386 stock basis and $1,865 loan basis per my books.  After working thru the worksheet I end up with a -$243 stock basis and $1,865 loan basis.  I'm not sure what my next step would be to adjust my basis back to zero correctly.  Do I use a suspended loss or adjust my loan basis.  Any help would be appreciated. 

Thanks,

David