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dsocpa
Level 5
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  • As I explained in my post there is a loss this year, taking Sect. 179 will result in a carryover - no expectation it would be used for 2023. Same with Bonus. Th...
    dsocpa
    Apr 15, 2024
  • Agree! But I don't think ProSeries is showing the Section 179 correctly. It's only showing up on the Asset entry sheet and the Depreciation list. Not flowing to...
    dsocpa
    2
    Apr 15, 2024
  • Definitely a basis limitation. The bonus would create an NOL that can be carried forward and used @80%. The 179 can be carried forward and used to offset income...
    dsocpa
    4
    Apr 15, 2024
  • First year S corp. Franchise operation with equipment purchases, franchise fees etc. Taxpayer has a rather large operating loss. Based on my reading it's likely...
    dsocpa
    7
    Apr 15, 2024
  • My understanding is that passive income is attributed to the shareholder's resident state.
    dsocpa
    Apr 15, 2024
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