Thanks Rick19744. I understand that I will likely need to engage the services of an accountant if the only option is to start the calculations from day one of the business. But I am curious if it would be possible, for the sake of general discussion, to gain an understanding of the options for calculating shareholder basis in my LLC if, say the books prior to 2024 had been destroyed in a fire. I am posing that hypothetical simply because the books are THAT bad.
I am also admittedly unclear about how calculating basis from each of the previous years could change things, other than to throw everything off due to bad data - the business assets as of December 31, 2023 are exactly what they are and are the direct product of the various cash injections, net income and owner draws across the years. Maybe I am missing something there that you could help me understand.
Also, just a reminder this is a simple, single owner LLC we're talking about here - the history goes back a decade but the business itself is quite simple.
