Abby Normal

The scholarship was likely used for room and board.

I have never seen an 8801 credit because almost all of the AMT differences are permanently disallowed items like taxes and misc itemized.

I don't think it matters. The IRS seems to treat 1120 and 1120S the same. I've noticed that when I have POA for one or the other, I can access both forms on eservices.

The final payment in 18 will be income to the extent of the gross profit % on the installment sale (and possibly some interest income?). That income will increase the basis.

I was talking about a 1040 with a K1 input form. The 1120S basis always calcs but you have to check a box at the top of the K1 to print it. Basis should be mandatory so we don't have to opt in.

At the bottom of the K1 input screen, assuming you've checked the calc basis box.

At the bottom of the K1.

We don't blame microsoft nearly enough when we have problems. Still slays me that Gates became a billionaire selling this crap!

"* fu= Send return"

You would win that bet! I could probably make it curse though!

One of the best choices I've made recently is scripting several of my main passwords. I don't even know what my password for ATX is but my script always types it correctly!

This appears to be caused by using a blank template return that you duplicate for new clients. Every one ends up with the same SID. If anyone knows how to generate a new SID without having to efile and then have it rejected, I'd sure like to know! Thanks!

Only when last year was standard deduction or sales tax was claimed.

Cash distributions in excess of stock basis (not AAA, because AAA doesn't matter in non-E&P S corps) is a long-term capital gain. We've all done these many times. ATX basis worksheet handles it pretty well. I think we're done here!

Old Jack, I think you have too much knowledge and you've managed to confuse and out think yourself.

Taxability of Distributions from S Corporations with No Accumulated E&P Section 1.1368-1(c) provides that in the case of a distribution by an S corporation which has no accumulated E&P, the distribution is taxed under a two-tier approach: 1. First, the distribution is a tax-free reduction of the shareholder’s basis in the corporation’s stock; then Any distribution in excess of the shareholder’s stock basis is treated as gain from the sale or exchange of the underlying stock. Noticeably absent from these rules is any reference to the S corporation’s AAA balance. This is because the AAA account serves to provide a dividing line between those distributions made from previously earned but undistributed S corporation income, which should not be taxed a second time, and those made from prior C corporation E&P, which must be taxed as a dividend. If no accumulated E&P is present, this dividing line is unnecessary, as it is not possible for a distribution to represent a taxable dividend made from E&P. Thus, in determining the taxability of distributions from an S corporation with no accumulated E&P, the AAA balance is completely irrelevant; rather, the only attribute of consequence is the shareholder’s basis in the corporation’s stock. (This is my understanding as well. But then my abnormal brain can only handle so much complexity. )

My Chrome home page is the one that checks for updates: chrome://settings/help

There's one that always wants to hug me and if she does I smell that all damn day. It's one of those super sweet smelling perfumes that kind of smells like nasty bubble gum.

I've never seen or heard of anyone doing it that way, not even in seminars. Distributions are tax free to the extent of stock basis, period.

I would be nervous if the letter says that because it might well mean you did not check the right box on the Efile Info form, payment tab. You can restore a letter with green curved arrow, or just manually edit it.

We just built a new computer and our IT guy had no problem getting a Win8 license for cheap. End of support date January 10, 2023.

I've seen others report this on the official forum, but it hasn't happened to me yet.

FMV of cash = cash

Especially for clients who don't even have brokerage 1099s until March 15th or K1s until April 1st.

The new 1040 would be a bow tie.