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S-Corp Shareholder Stock Basis

mhkdgal
Level 4

Taking over tax prep work for an S-Corp with two shareholders.  Shareholders want to take year-end distributions from the corporation.  Where can I find the shareholder's stock basis is the s-corp to make sure they don't distribute more than their basis and end up with a taxable distribution?

Distributions were taken last year and the box is checked on the Schedule E stating that the basis calculation must be attached, but the prior CPA did not actually calculate or attach the shareholder's basis.  Where else might I obtain this information?

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1 Best Answer

Accepted Solutions
sjrcpa
Level 15

Get their initial and subsequent investments in the S Corp and all years' K-1s and calculate their basis.


Ex-AllStar

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3 Comments 3
sjrcpa
Level 15

Get their initial and subsequent investments in the S Corp and all years' K-1s and calculate their basis.


Ex-AllStar
itonewbie
Level 15

Sounds like billable work to me.

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Still an AllStar
Just-Lisa-Now-
Level 15
Level 15
Maybe he attached it to the Efiled return but forgot to include it with the client copies? might be worth a call to the past preparer.

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