Leaderboard

I thought maybe they were making butter, or ice cream, and the sheep was doing the churning for them.

You have to keep checking online. The IRS doesn't notify you of anything. Anything to do with the IRS is DIY. Don't trust, but verify!

So you have a corporation with no books? Tell 'em to take a hike. No one needs that kind of grief.

https://www.nysscpa.org/news/publications/the-trusted-professional/article/taxpayer-advocate-warns-expect-delays-with-irs-power-of-attorney-forms-012122

If parent was on good terms with the former preparer, perhaps that person would be willing to share the depreciation schedule with the child who inherited the business. I would provide that data if child could provide documentation that he or she was executor and the new owner of the c corp.

Yes, but it does not solve the problem... Max needs to know if depreciation was properly taken on the assets in the past (to correct if not done) and how much tax depreciation to take on the current and next returns. Without the detail schedules of the assets you can't be sure you have an accurate return. Tom Longview, TX

Now I see the light, you are dealing with multiple properties within the S-Corp. Do you use a separate K-1 input sheet for each one? ATX allows you to manually adjust the suspended losses on the K-1 input sheets.

6 cent increase would make sense. 3.50/gal / 25 mpg = 14 cents per mile 5.00/gal / 25 mpg = 20 cents per mile

I was hoping it was moonshine

It looks like a rubber buoy converted to a punching ... err, butting bag.

There are two options. The default method is to prorate based on the number of days of ownership. You can also make a section 1377 election to close the books on date of death and allocate per the actual time period of ownership. You need to determine which method will result in the least amount of tax. If the S Corp has assets which will be liquidated (especially real estate) the liquidation of assets and dissolution of the Corp need to be coordinated in the same tax period of the shareholder. Otherwise you might end up with a gain in one year and loss from stock in the next year.