if you have a loss, receive distributions, make or repay loans form 7203 is required in which you report your basis in the S-corp to the IRS. The S-corp does not.
gar_pol
New Member
Apr 7, 2024 6:47:21 AM
Thank you, Mike. But s corp k-1 has an attachment “shareholder’s basis calculation “ worksheet. It has incorrect calculation because it did not take previous years into account. The question is whether this worksheet reported to irs by s corp ?