With a corporation that has always been an S-corp and for which you never received shares by way of inheritance or gift, your tax basis changes every year based on your allocations of income, deductions/losses, distributions, contributions to capital, loans made and repayment of those loans. So if you know your tax basis at the end of 2023,
then for 2024 add k-1 income, contributions to capital and loans you made to the company
subtract k-1 losses, deductions and any loan repayments
this is your tax basis ignoring distributions
your selling price is the distributions for the year (to make things easy - though some would say to subtract from basis all distributions but the final one - then the final one becomes the sales price).
this is reported in the sales/disposal section of the k-1.
In most cases the the sales price should equal your tax basis. so no gain or loss. but things like rounding, gifts, inheritance and certain other situations can result in them being different.
since you'll be receiving distributions completion of form 7203 will be required. this recaps changes in your tax basis for the year.
the sales price and cost basis form the Turbotx section will flow to form 8949 with type F - neither sales proceeds nor tax basis (1099-b) reported to IRS
