topic Yes...your example is correct. in Business & farm

Decrease basis for ordinary losses from K1 1120S?

dsknoebl — Mon, 03 Jun 2019 19:08:44 GMT

When calculating my basis at year end from ownership in an LLC, do the ordinary losses from box 1 go to decrease my basis? So if I put in 20K and the ordinary loss for 2015 was 5K, is my basis now 15K?

Yes...your example is correct.

PeterM — Mon, 03 Jun 2019 19:08:45 GMT

Yes...your example is correct.

Do guaranteed payments increase the basis at all?

dsknoebl — Mon, 03 Jun 2019 19:08:47 GMT

Do guaranteed payments increase the basis at all?