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Shareholder Distributions/Basis

DMR1
Level 1

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

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.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

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abctax55
Level 15

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.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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