Question
S Corp Stock Basis Cumulative?
Calculating S corp stock basis - back in 2013 2014, it appears that 7K distributions were taken in excess of basis. No income was reflected as LTCG on 2013 0r 2014 personal returns. Assuming 0 for starting stock basis in 2015, stock basis is now 32K. Since no income was reflected on 2013 and 2014 personal returns and they are beyond assessment periods, do I need to adjust down stock basis by 7K to 25K or leave it at 32K.
