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- Where does a distribution over AAA in an S Corp belong on the balance sheet in Proseries?
Where does a distribution over AAA in an S Corp belong on the balance sheet in Proseries?
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rhbird
Level 1
03-07-2023
08:45 AM
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I have a single member LLC taxed as an S corp where the single member pulled out distribution over AAA. This client has always been taxed as an S corp so no A&E. Usually I put this on the balance sheet as a loan to shareholder and have the client pay it back. This time the amount is too big so he will be taking it as a long-term capital gain on his personal return. Problem is my balance sheet in Proseries is out of balance by the distibution amount. I need to put it somewhere but not sure where. Have any of you run into this problem and, if so, what did you do?
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1 Comment 1
sjrcpa
Level 15
03-07-2023
10:05 AM
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Distributions reduce Retained Earnings.
The more I know the more I don’t know.
