lizaranda26
Level 2
03-06-2020
08:31 AM
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S corporation
shareholder has enough basis RE
this CY profit is less than distribution Procconect won’t let me enter the amount of distribution because is higher than profit
how to enter (without override)
Level 3
04-05-2020
03:47 PM
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Facts are limited, but a thought.
While the shareholder may have basis, is it limiting the distribution in the AAA?
If that is the case, the amount reflected on AAA may be less than what is reflected on the K-1. This is due to the fact that AAA cannot go negative as a result of distributions.