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S Corp Stock Basis Cumulative?

OldTimer49
Level 1

Calculating S corp stock basis - back in 2013 2014, it appears that 7K distributions were taken in excess of basis. No income was reflected as LTCG on 2013 0r 2014 personal returns. Assuming 0 for starting stock basis in 2015, stock basis is now 32K. Since no income was reflected on 2013 and 2014 personal returns and they are beyond assessment periods, do I need to adjust down stock basis by 7K to 25K or leave it at 32K.

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1 Comment 1
IRonMaN
Level 15

You need to adjust it down.


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