Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- S Corp Stock Basis Cumulative?
S Corp Stock Basis Cumulative?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
OldTimer49
Level 1
04-16-2021
10:25 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
IRonMaN
Level 15
04-16-2021
10:34 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You need to adjust it down.
Slava Ukraini!
