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nytcpa2012
Level 5
February 26, 2022
Solved

loss on disposition of S corp interest other than by sale

  • February 26, 2022
  • 1 reply
  • 7 views

I've completed the information on worksheet for disposition of S corp interest: I checked the box for disposition other than by sale, entered date shares purchased, date shares "sold", zero sales price and zero selling expenses, and final basis figure (have tracked on 1120S and using ending balance on Schedule M-2 of that tax return).  These entries correspond to the actions to be taken per "help" for dispositions other than by sale, BUT the software isn't calculating the loss on disposition (i.e., owner's remaining basis of $25,616) as the help section indicates it will.  What am I doing wrong? 

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Best answer by jeffmcpa2010

Try $1 as sale price. Lots of places in proseries the software seems to read it as not to report.

1 reply

Level 7
February 26, 2022

Did you also check the FINAL K-1 box on the S Corp worksheet? (Not on the back page, buy the front page of the worksheet)

nytcpa2012
Level 5
February 26, 2022

I did.

Level 10
February 26, 2022

Try $1 as sale price. Lots of places in proseries the software seems to read it as not to report.