the 7203 is required under any of these conditions
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• Are claiming a deduction for their share of a loss from the S-Corp including an aggregate loss not allowed
last year because of basis limitations,
• Received a non-dividend distribution from an S corporation - money you took out other than salary which would be reported as various places on the 1120s and related k-1.
• Disposed of stock in an S corporation (whether or not gain is recognized), or
• Received a loan repayment from an S corporation.
a,,b.and d should be answerable from info o the k-1
c - if you only acquired stock at one time use "1" - no quotes
e- is if you made an election to reduce basis by deductible items before bob-deductible items - we have no way of knowing if you did at any time in the past
f - not sure what this is
we have no way of knowing for sure what your stock basis was at the beginning of the year. if it's always been an S-Corp and you have been the only shareholder it's may be, if you prepare schedule L, on the 1120S the sum of lines 22, 23,24 column b.
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you can ignore the loan info if at the beginning of the year, you were not owed money for loans you made to it in prior years and there were no loans or repayments in the current year.
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failure to file if required will likely first generate a notice from the IRS to complete it. failure to respond would probably result in an IRS audit at some later date.
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computation of tax basis can be complicated if there have been income years, loss years, distributions, loans, etc
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if you have a loss for the year you may also need to complete form 6198 two limit your loss deduction to the at-risk amount which is usually your tax basis.
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if you need to complete these forms but are not sure you may want to consult a professional but they would likely need copies going bak to the first year of the corp.
