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Tax Geek
Level 1
August 19, 2020

Excess Distributions from S Corp

  • August 19, 2020
  • 1 reply
  • 11 views

How to report distributions in excess of Basis (which will be Long Term Capital Gain) on 1120 S 

 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    August 19, 2020

    You don't. Report total distributions on the K-1.

    You could disclose in a footnote to the K-1.

    The shareholder reports the excess on their tax return.

    The more I know the more I don’t know.
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