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Level 2
posted Apr 18, 2021 8:49:53 AM

SCorp Basis Calculation

Is interest income earned in an SCorp's bank account included in the calculation of an SCorp's basis as an addition?

0 2 308
2 Replies
Level 15
Apr 18, 2021 8:57:57 AM

The calculation should include separately stated items.

 

See https://www.irs.gov/instructions/i1120ssk#idm140355075208448

Level 15
Apr 18, 2021 11:36:25 AM

here's a worksheet you can use

https://www.thetaxbook.com/updates/TheTaxBook/Client%20Tax%20Tools/S_Corporation_Shareholders_Adjusted_Basis_Worksheet.pdf