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- Determining S-Corp Shareholder Basis
Determining S-Corp Shareholder Basis
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timtax
Level 2
08-15-2022
05:03 PM
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Hello!
I have an S-Corp client that I took over for starting with the 2017 tax year. The company has been incorporated since 2009 and the books were in horrendous shape when I took them over. Since the IRS introduced Form 7203, I've wanted to see if I can properly determine shareholder cost basis. I'm currently asking the client to provide all prior K-1s starting with 2009. If they are unable to provide K-1s from that long ago, what should I do to ensure the Form 7203 has correct information reported on it?
Thank you!
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