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Business & farm
It depends if you're using tax software or manually completing your returns. Most business tax software, including TurboTax Business, has you enter the information, reports it on M-2, and keeps a Shareholder Basis Calculation Worksheet behind the scenes. If you are preparing your returns manually, you would want to report the info on the M-2 and keep a basis worksheet for yourself.
@Samsun683
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March 8, 2022
8:58 AM