TAXMAN Posted April 8, 2020 Report Share Posted April 8, 2020 TP a single owner in a S corp has very detailed records on his basis #'s. However TP sold business and assets with a big gain on the K-1. TP basis was 1.5k. after all was said and done TP took all the cash. 1.0k.New owner did not buy the stock. Does TP have a deductible loss? TP never borrowed $ in the s corp or loaned the corp $, therefore no debt basis. Tp took reasonable salary each year. So can TP take a Sch d loss to help offset the large capital gain coming through the K-1? TP basis is very detailed from beginning to end. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 8, 2020 Report Share Posted April 8, 2020 Yes, remaining basis as a capital loss for S corps and partnerships. Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted April 8, 2020 Author Report Share Posted April 8, 2020 Thank you. Nice change to find TP who kept all the records to verify #'s. 1 Quote Link to comment Share on other sites More sharing options...
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