........can a shareholder use "outside basis" against these distributions?
-
Last edited by BOB W; 03-27-2007, 01:22 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
I thought this is the only basis you use, but I eagerly await an expert opinion. I am definately not one of them.Originally posted by BOB W View Post
Anyway brings you up on top and maybe more to look at the post. -
-
Basis...
... can be and usually is "corporate records"( inside basis"). But a shareholder can have "outside basis" if the shareholder purchase stock directly from another shareholder. The Corporate records, AAA, does not account for that outside purchase.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
-
I just.....
had another thought???? When a shareholder purchases an S corp, say 4%, doesn't he own 4% of the AAA account??? In addition, his outside basis would be reduced by his acquisition of his share of the AAA?????This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
-
-
Thanks...
........ Dave, I appreciate the response...........
Now to figure how to report it on the basis report.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
Comment