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S-Corp other Income & Casulty Loss


Terry D EA

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S-Corp client, recycler, reported in other income 9k grant from NC Dept of Environmental Services. This is a below the line item and is it reported on the 1120S? If so, where? There are expenses for items involving the grant. Same client had a loss due to a fire. All insurance deposits were entered in the other income account with expenses for the same were debited. Should the casulty thefts and loss form be filled out? If so, should the loss (if any) be reported with the line 19 items on the 1120S? Thanks for help with this.

Terry D.

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Terry, the question is whether the grant is taxable or not, or may be taxable on Feds but not state. Depends on what it was for. That is what you need to research. The department that gave the grant should be able to answer these questions, and then you will know what to do with it. Line 5?

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