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- Taxpayer Contributed Capital to C-Corp, Shut Down Business, and Wants to Elect 1244
Taxpayer Contributed Capital to C-Corp, Shut Down Business, and Wants to Elect 1244
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tccpg289
Level 4
04-02-2022
08:51 AM
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Here are the facts:
-Taxpayer contributed $150k to a C-Corp that was formed in 2020
-Spent $20k on advertising in 2020, operated at a loss, no revenue
-Spent the remaining $130k in 2021, no revenue
-Taxpayer wants to take the loss in 2021 as a 1244
-Where to enter in ProSeries? Does it go on the Sch. D as $150k Basis, $0 sales price, what boxes must be checked for the 1244 election? What must be entered to show/prove the stock that was granted upon contribution of the $150k?
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