My S Corp received a K1 from a partnership that it is a partner in. It lists distributions on the K1 (line 19). where do those get entered on my S Corporation?
You'll need to sign in or create an account to connect with an expert.
if the S-corp invested in a partnership, the distributions from it reduce the tax basis. income adds to tax basis. losses deduct from tax basis. Unless tax basis goes negative there are no other tax considerations except if the partnership activity is a passive activity. so in effect the distributions from the partnership is not reported
If your basis exceed the basis does that get picked up on the S Corp or flow through to the shareholder?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
gavronm
New Member
chiroman11
New Member
macey.karr
New Member
user17549413515
New Member
james
New Member