Solved
Taxpayer with a Final S Corporation K-1, do I do anything with the remaining stock basis?
My taxpayer has two S Corporation K-1s. The S Corporations sold their assets and property and have filed final tax returns. I do not prepare the S Corporations or know who did.
My taxpayer has stock shares listed on both final K-1s and he has basis left in his stock based on stock basis analysis worksheets. My thought is to pick up the basis left as a loss on his stock shares in each S Corporation and put it on the 1040 Schedule D but is that correct? Or does he just lose the basis left in his stock? I want to make sure I get this piece correct.
