PatriciaV
Expert Alumni

Business & farm

This info goes on Form 7203 Line 6. According to IRS Instructions for Form 7203, for Line 6: Enter the distributions reported on Schedule K-1 (Form 1120-S), box 16, code D.

 

Note. If the amount of the distribution is more than the stock basis before distributions, report the excess amount as a capital gain on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D. Don’t increase your stock basis for the amount of capital gain reported for the excess. See Nondividend distributions in the Instructions for Form 8949.

 

@holly_s 

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