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Michelled1971
Level 1
August 18, 2020
Question

1120 S Shareholder Basis

  • August 18, 2020
  • 1 reply
  • 14 views

 

 

How do i reflect on the shareholder basis form if the debt is reclassed to equity on s 1120 S

 

tax return.

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1 reply

TaxGuyBill
August 18, 2020

Can you clarify exactly who had the debt and what happened to "convert" it?

If the shareholder originally made a loan to the corporation and it is now reclassified as a "capital contribution", you just decrease the debt and add the capital contribution.

If that wasn't the situation, please give as much detail as possible as who had the debt and what exactly happened.

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