sjrcpa
Level 15
04-06-2022
08:09 PM
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Then you have a starting basis for the S Corp .
Neither an S Corp or a partnership is required to provide basis schedules to the shareholders/partners although many do.
It is the responsibility of the shareholder/partner to keep track of their basis. Usually that means the tax return preparer does it.
EDIT: Remember that the shareholder won't get basis for liabilities so remove those to the extent included in the ending partnership basis schedule.
The more I know the more I don’t know.