Hello,
I was wondering if I could get some help entering in my Form 1120S Schedule K-1.
At the beginning of the year (1/1/2023) me and my business partner were gifted all the shares of a company and at the end of the year (12/31/2023) we closed the business and distributed the remaining money to us.
For this question which should I select, "I disposed of it, but not by selling it"?
For this question I have two entries for Box 17 AJ, is this entered correctly?
It then asks to fill out form 7203 and is asking for "Stock Block" I'm not sure what that is and it wasn't included on my Form 1120S K-1.
For the Stock Basis at the beginning of the year would that just be the value of the company on 1/1/2023 times my percentage of shares (i.e. $100000*.5=$50000)
After filling that in and turbo tax reviews everything it comes back and says I need to fill in the following. 1a was not checked so I checked it and now it wants the red blocks filled in. The S Corp was not sold it was closed so do I enter the date we closed?
What should be entered for sale price as it was not sold?
What should the basis of S Corporation shares be at the beginning of the year or end or what?
Thanks for any help
