DMR1
Level 1
03-11-2021
11:17 AM
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If a shareholder has distributions greater than it's basis, are the excessive distributions that will be attributed to capital gain be calculated automatically within ProSeries or is a manual entry required?
Will the calculations of the excess amount be done within the S-Corp returns or on the individual returns?
Thank you.
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abctax55
Level 15
03-11-2021
11:21 AM
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Manually, on the F 1040.
(Unless PS is smarter than Lacerte)
Plus there is always the possibility of outside basis that the S-Corp has no knowledge of.
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