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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.
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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- Taxpayer Contributed Capital to C-Corp, Shut Down Business, and Wants to Elect 1244
Taxpayer Contributed Capital to C-Corp, Shut Down Business, and Wants to Elect 1244
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tccpg289
Level 4
04-02-2022
08:51 AM
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Here are the facts:
-Taxpayer contributed $150k to a C-Corp that was formed in 2020
-Spent $20k on advertising in 2020, operated at a loss, no revenue
-Spent the remaining $130k in 2021, no revenue
-Taxpayer wants to take the loss in 2021 as a 1244
-Where to enter in ProSeries? Does it go on the Sch. D as $150k Basis, $0 sales price, what boxes must be checked for the 1244 election? What must be entered to show/prove the stock that was granted upon contribution of the $150k?
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