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Distributions from S- Corp
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rcipullo
Level 2
07-22-2022
12:14 PM
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I am confused with the lacerte error # 253122 you know the one " The amount of distributions entered on schedule K lin 16D is greater than the total net balance available for distribution in all of the Schedule M-2 accounts by 177880. The amount of excess distributions ruduces the ending balance of retained earnings on schedule L. Line 24.
But on basis schedule
Distributions in excess of Basis is $ 0
Suspended loss is $ 55363
Why isnt the 177880 considered capital gain or taxable, is it ever ?
All amounts are correct
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sjrcpa
Level 15
07-22-2022
12:49 PM
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Basis and Retained Earnings are different.
Distributions can't make AAA negative.
The more I know the more I don’t know.
