Taxpayer with a Final S Corporation K-1, do I do anything with the remaining stock basis?

[kcycpa]

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.

[IRonMaN]

He didn't get any cash for the remaining basis?

[kcycpa]

He did receive cash on both but whoever prepared the S Corporation return and K-1s left basis on his schedules.

[IRonMaN · Accepted solution]

If you are comfortable that the basis schedule is correct, they you would have a loss to report.

[kcycpa]

Yes I am comfortable the basis schedules are correct.  Thank you for confirming what I was already thinking.  I needed to run it by someone else just to make sure.Thank you for our time and assistance.

[IRonMaN]

You betcha!