Shareholder basis

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • JG EA
    Senior Member
    • Jul 2005
    • 2176

    #1

    Shareholder basis

    TP is a pssive shareholder.

    The S-Corp has a loss this year. It is carried over in his case.

    On the basis worksheet does the basis include the loss? Or does it not include and show it as a carryover?

    The basis worksheet is prepared also by the SCorp for the shareholders and they include the loss.

    If I key in that the loss on my basis worksheet it shows it as not allowed and the basis is higher than the basis worksheet he receives from the S Corp.
    JG
  • JG EA
    Senior Member
    • Jul 2005
    • 2176

    #2
    Could this be like a 179 that a passive TP can't count but it reduces the basis anyway?
    JG

    Comment

    • Gretel
      Senior Member
      • Jun 2005
      • 4008

      #3
      No expert in any way, but I think that all losses and deductions reduce basis no matter if shareholder will have any current benefit.

      Comment

      • JG EA
        Senior Member
        • Jul 2005
        • 2176

        #4
        Thank you Gretel.
        JG

        Comment

        Working...