Client has a scorp. He purchased and sold stocks, in 2007, under this crop. He has a Loss.
(1) Should I fill out S corp return normally?
I think loss will go to sch K1 and rule for individual deduction will apply
I.E. Max Loss deduction will be $3,000
(2) Client realized that this does not make sense so he closed corp in dec 2007.
Please confirm.
(1) Should I fill out S corp return normally?
I think loss will go to sch K1 and rule for individual deduction will apply
I.E. Max Loss deduction will be $3,000
(2) Client realized that this does not make sense so he closed corp in dec 2007.
Please confirm.