Tax Geek
Level 1
08-19-2020
06:18 PM
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How to report distributions in excess of Basis (which will be Long Term Capital Gain) on 1120 S
sjrcpa
Level 15
08-19-2020
06:25 PM
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You don't. Report total distributions on the K-1.
You could disclose in a footnote to the K-1.
The shareholder reports the excess on their tax return.
The more I know the more I don’t know.