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K-1s for Form 1120-S Textbook (2021) - #21325

K-1s for Form 1120-S Textbook (2021) - #21325

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Individuals who are shareholders in an S corporation will receive a Schedule K-1 (Form 1120-S) reporting their share of the corporation’s income, deductions, credits, etc. This textbook shows how to report the basic information from this schedule on an individual’s tax return, as well as some of the more complicated items. In addition, you will gain an understanding of limitations that might apply before you can report certain items such as losses and distributions.

View Table of Contents.

Topics include:

  • Calculating the shareholder’s stock and debt basis in the S corporation
  • Determining how much of a pass-through loss is deductible after applying the basis, at-risk, passive activity loss and excess business loss limitations
  • Analyzing the shareholder’s tax effects when receiving distributions or loan repayments from the S corporation
  • Reporting various pass-through items from Schedule K-1 on Form 1040, including unique items like the sale of property when §179 was claimed

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 118 Pages

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