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- S Corp Stock Basis Cumulative?
S Corp Stock Basis Cumulative?
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OldTimer49
Level 1
04-16-2021
10:25 AM
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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.
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1 Comment 1
IRonMaN
Level 15
04-16-2021
10:34 AM
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You need to adjust it down.
Slava Ukraini!
