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I may have to call my Farmer friends and Farmer clients and ask them if they ever heard of that crop...🤓
Sorry, that is suppose to be S-corp.
What is this strategy for? You cannot wipe away an operating loss with a distribution entry. And why would you want to? What is going on here?
This doesn't seem like an 1120S tax return preparation question. It seems like you want some business strategy?
Are you the preparer and this is your client? Are you the shareholder? The only shareholder? A Shareholder-employee?
This doesn't sound like a tax professional's question.
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