How to report distributions in excess of Basis (which will be Long Term Capital Gain) on 1120 S
This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion
You don't. Report total distributions on the K-1.
You could disclose in a footnote to the K-1.
The shareholder reports the excess on their tax return.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.