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Will the NEW Form 7023 SCorp basis statement be included? How's it used?

MrMojo
Level 3

Proseries already has a basic SH (shareholder) basis worksheet.

Will Form 7023 Basis and Debt limit worksheet replace that?

It's supposedly the SH's responsibilities but, in reality, SH's expect the SCorp to prepare it.

Are we suppose to prepare it for clients?

If you have a single/double shareholder, the inside/outside may be equal to what the SCorp shows esp. if it's been the same, original shareholders for many years! All transactions taken from the bank account is accounted for and reconciled. Unless the shareholder does something weird, which could happen, like SH's loans, all the information could be equal.

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