sjrcpa
Level 15

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.