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.
...
9 results in 0.0013 seconds.
-
S-Corp shareholder redemption
-
Liquidation of S-Corp and Partnerships
In a complete liquidation of a S-Corp, what are the reporting requirements (final balance sheet) and how do you figure the calculation of distribution to shareholders? Same question for Partnerships. Thank you! -
Assign Corporate Income to Sole Proprietorship
Hi Everyone:
Can a sole owner of an S-corporation choose to assign the S-corporation income to his personal return ( Sole Proprietor / Schedule C ) ? The 1099-Misc was issued with S-corp name and EIN. I will report the 1099 income on S-corp return, and zero it out with "other deductions" entry.
I don't have... -
Reduced Social Security because of S-Corp income
This is not a tax question per se but more of a Social Security issue, but client asked so I thought I would try to find an answer. He wants to start collecting his Social Security when he turns 62 next month, he has about $12,000 in wages plus about $15,000 in S-Corp. profits each year. Is the S-Corp. money considered self-employment income when... -
A multinational client.
A client of mine is owner, officer, and sole employee of an S-Corp. His business involves working with clients both in the US and in Europe. He typically spends 6-7 weeks of each year in the US (usually broken between two trips) and the rest of the time in Europe. While in the US, he lives in a house he owns in California and uses a home office there.... -
S-Corp health insurance and foreign earned income exclusion REVISITED
I am thinking that in my earlier post on this subject I may have been asking the wrong question. Payments by an S-Corp for an owner/officer's medical insurance are reported as wages on the W2, but they are not subject to FICA and Medicare. My new question is: are these amounts considered earned income for the foreign earned income exclusion? I can't... -
S-Corp Health Insurance & Foreign Earned Income Exclusion
An owner/officer of an S-corp is permanently stationed abroad and wants to claim the foreign earned income exclusion on his salary. The corporation pays for his medical insurance and adds the payment to his taxable wages. He then reports an adjustment for self-employed medical insurance. I presume this would be considered a deduction directly related... -
Changing from C-Corp to an S-Corp
My Michigan based company is changing from a C-Corp to an S-Corp at the beginning of 2014. It was an S-Corp many years ago but it has been a C-Corp for over ten years now. Other than filing Form 2553 and watching for built-in gains tax on assets sold within five years, is there anything else I need to do, be aware of, or watch out for? -
Suspended deductions from S-Corp
How do you track charitable contributions made by an S-Corp that are suspended because of insufficient shareholder basis? In the case of suspended Sec. 179 deductions, there's a line on the 4562, but there's nothing similar on Schedule A.