wjgrano
Level 1
12-07-2019
09:11 AM
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abctax55
Level 15
12-07-2019
09:11 AM
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Nope...and I don't think such a presentation would be correct as the gain is not generated at the Corporate level where it would apply to ALL shareholders. Distributions in excess of basis is determined at the shareholder level.
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wjgrano
Level 1
12-07-2019
09:11 AM
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Sorry, to clarify, I meant to say at the shareholder level, on the 1040. The K-1 is from an S-Corp. When inputting the LTCG because there was a non-dividend distribution in excess of basis. It is not showing up on the Sch D line 12, but instead on line 10. Not at the corporate level, the shareholder level.
abctax55
Level 15
12-07-2019
09:11 AM
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Reread what I posted.
In my opinion, it SHOULD be on line 10, not on line 12. The gain is NOT GENERATED at the corporate level so it doesn't flow thru FROM the K-1. Only capital gains generated AT the corporate level show on the K-1, and then flow to Line 12 of Sch D on the shareholders return.
In my opinion, it SHOULD be on line 10, not on line 12. The gain is NOT GENERATED at the corporate level so it doesn't flow thru FROM the K-1. Only capital gains generated AT the corporate level show on the K-1, and then flow to Line 12 of Sch D on the shareholders return.
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abctax55
Level 15
12-07-2019
09:11 AM
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Which...is why the option to make it show up on line 12 doesn't exist in Lacerte....
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