Hello,
I was wondering if I could get some help entering in my Form 1120S Schedule K-1.
At the beginning of the year (1/1/2023) me and my business partner were gifted all the shares of a company and at the end of the year (12/31/2023) we closed the business and distributed the remaining money to us.
For this question which should I select, "I disposed of it, but not by selling it"?
![1st question.jpg 1st question.jpg](/community/image/serverpage/image-id/40682iFA77DAB4B9E2CFC7/image-size/large?v=v2&px=999)
For this question I have two entries for Box 17 AJ, is this entered correctly?
![2nd question.jpg 2nd question.jpg](/community/image/serverpage/image-id/40683i57F24FF38CDB13FB/image-size/large?v=v2&px=999)
It then asks to fill out form 7203 and is asking for "Stock Block" I'm not sure what that is and it wasn't included on my Form 1120S K-1.
For the Stock Basis at the beginning of the year would that just be the value of the company on 1/1/2023 times my percentage of shares (i.e. $100000*.5=$50000)
After filling that in and turbo tax reviews everything it comes back and says I need to fill in the following. 1a was not checked so I checked it and now it wants the red blocks filled in. The S Corp was not sold it was closed so do I enter the date we closed?
What should be entered for sale price as it was not sold?
What should the basis of S Corporation shares be at the beginning of the year or end or what?
![3rd question.jpg 3rd question.jpg](/community/image/serverpage/image-id/40687iF89D7751CAA7A8DC/image-size/large?v=v2&px=999)
Thanks for any help