cpabsd Posted March 28, 2009 Report Share Posted March 28, 2009 S corp shareholder had distributions in excess of basis. Per my research, this is taxable as capital gain. Is there any place to input this on the K1 screen or do I set it up as a separate line on Schedule D? I am trying to finish another return. Thanks! Quote Link to comment Share on other sites More sharing options...
Maribeth Posted March 28, 2009 Report Share Posted March 28, 2009 S corp shareholder had distributions in excess of basis. Per my research, this is taxable as capital gain. Is there any place to input this on the K1 screen or do I set it up as a separate line on Schedule D? I am trying to finish another return. Thanks! Enter it on the Schedule D input screen. It is a long term capital gain. I usually list " ABC Corp - excess distributions". Maribeth Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 28, 2009 Report Share Posted March 28, 2009 I usually list it as "ABC Corp 71-1111111- excess distributions", where 71-1111111 is the EIN of the corp. If the name is too long, I'll shorten the name rather than leave out the EIN, because that is a better identifier, [to both the IRS and ME] than the name. Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 28, 2009 Author Report Share Posted March 28, 2009 Thank you KC and Maribeth. Quote Link to comment Share on other sites More sharing options...
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