I put this up about a week ago, no response so far. Surely some of you fine tax return preparers have experience in the matter. Someone? Anyone? Thanks.
"S-corp bought all shares back that were held by a 10% shareholder. How is this reported to the S/H? Some type of 1099? On the K-1? Something else? Thanks in advance."
The research I've done suggests the company has no filing duties, as they never, until now, have bought back stock and have no plans to do so in the future. But much advice is contradictory. Hoping to hear from someone who can point me definitively in the right direction.
"S-corp bought all shares back that were held by a 10% shareholder. How is this reported to the S/H? Some type of 1099? On the K-1? Something else? Thanks in advance."
The research I've done suggests the company has no filing duties, as they never, until now, have bought back stock and have no plans to do so in the future. But much advice is contradictory. Hoping to hear from someone who can point me definitively in the right direction.