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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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S Corp Distributions that exceed basis
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jnd2546
Level 4
03-08-2022
12:22 PM
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When distributions ( other than ordinary income) from S corp are greater than remaining basis they are taxed as long term CG.
Any idea on where to report that amount on 1040?
Thanks!
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