wjgrano
Level 1
 
0 Cheers
abctax55
Level 15

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.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

View solution in original post

0 Cheers
wjgrano
Level 1
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.
0 Cheers
abctax55
Level 15
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.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
abctax55
Level 15
Which...is why the option to make it show up on line 12 doesn't exist in Lacerte....
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers