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1120S Shareholder basis
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Cindy H
Level 1
03-10-2022
01:33 PM
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In 2021 I had a single shareholder of a 1120S pass away and his wife inherited the business. Thank goodness this doesn't happen very often. But, I am getting an error that say "Stock and Loan Basis info Worksheet: Beginning Stock Basis must have an amount entered, even if zero" I have her new k-1 set up and the beginning basis as zero. What am I missing?
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1 Comment 1
sjrcpa
Level 15
03-10-2022
02:16 PM
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Use -1 to indicate zero.
The more I know, the more I don't know.
