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I had a chihuahua pup that entertained herself while we were out one afternoon by grabbing the end hanging down and ran with it out through the house. She even turned some corners with it and it held together. Fun times!

I have dogs that love paper, especially toilet paper, and will unroll it in a NY minute. At my house the toilet paper is on the counter next to the sink, within easy reach of the humans, and away from the dogs.

Cats prefer it coming over the top . . .

I take it you don't have Great Danes!

I have seen basis calc's come with returns only on VERY rare occasions. In my experience, it's even more rare than depreciation schedules. Grrrr.....

I hate preparers who don't calc or provide the calc of basis. The return is useless without basis. I've caught several local CPAs deduction 1120S/1065 deducting losses with no basis.

When I went through Air Force basic training, we would get demerits in a barracks inspection if all the toilet paper rolls were not arranged to unroll over the top, and with the last piece folded under, corner-to-corner at a 45-degree angle, forming a "salute".

Incredible we can proliferate dozens of posts referencing toilet paper. Since there are starving children, global warming, hurricane damage and a host of other problems I won't add to the toilet paper frenzy. Except to say one of my Yankee friends thought Johnny Cash was a pay toilet...

CATHERINE, so funny! You are right, no Great Danes here. I have 2 Boykin spaniels (the state dog of SC) and a Sussex spaniel

And, a counter won't stop cats!

Judy has the exception to the rule - cats can destroy a fresh roll in a very short time! Although one of my friends had a cat that could - and did - unroll paper loaded the other way. They kept theirs in the cabinet next to the throne. Actually had a dispenser mounted on the inside of the door!

It does, and sometimes a new client's prior returns don't include those calculations so it's necessary to calculate outside of the program to arrive at the starting basis for the year we take over. Same idea with that debt basis, you might have to deal with it for a new client.

As you can tell, I've given the basis calculation for a partnership, not an S-corp. Upon reading the original post, I edited the message above when discovered (less than 2 minutes). I received a message that too much time had elapsed and that the message could not be edited. I don't know what else to say.

I use the following. I've never encountered a situation which didn't fit: +Beginning Balance +Partner contributions +Partner's share of increase in guaranteed debt +Partner's share of non-taxable income +Partner's share of Taxable income -Restoration of previously suspended losses (if any) -Partner's share of Non-deductible expenses -Partner's share of Deductible Losses -Partner's share of decrease in guaranteed debt -Partner withdrawals Guaranteed payments do not affect the calculation, as they should be a deduction for the partnership. Guaranteed debt is not available for Subchapter S basis calculations, and that is one thing that should be considered when deciding on the type of entity. Special allocations (such as hot assets) should be computed before partner's share of anything is established. If a complete partnership return is to be prepared, it should include Schedule L (balance sheet), and reconciling schedules M-1 and M-2. Preparing these schedules means that "capital balances" should also be encountered and calculated. It should be emphasized to the client that "Capital Balance" and "Basis" are two different things, as the client will tend to believe his capital balance is his proper measure of ownership in the event of a sale.

Perhaps it's done through changing your CAF information ?

So when they get the penalty letter for $195 per month, per partner, who gets to deal with that? It takes time to prepare the penalty abatement letter. Who is going to prepare that? Who is going to pay for it? The other partners should be made aware that a big penalty is coming and they should have the opportunity to pay your fee so the return is filed on time. Let Mr. Cheapskate owe them instead of you, and sidestep the involvement of the IRS.

ATX also has it on the 1120S tax return.