S-corporation Shareholder’s shares were redeemed effective 12/31/15. His basis was $40,000 and he was paid $90,000 in 2016 per the agreement. Payments happened in 2016 so final K-1 is 2016. He will receive no 2016 K-1 income allocation of S-Corp income. He was also paid another $20,000 for a separate agreement to share profits in 2016.
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