A quarterly magazine from the National Association of Enrolled Agents
Winter 2024 vol.42 no.4
Debt Basis: Is It What You Think It Is?
Preparation

Debt Basis: Is It What You Think It Is?

With the creation of Form 7203, basis has become a hot topic. In 2019, the Internal Revenue Service (IRS) started sending Letter 5969i which said: “Our research indicates you may have claimed pass-through loss o... LuSundra Everett, EA, NTPI Fellow®

Spring 2024, Preparation, §385(a), s corporation, Notice 94-97, basis, §1.1366-2(a)(2)(ii), §1.1366-2(a)(1)(i), loans, §1.1366-2(a)(1)(ii), debt, Form 7203, Letter 5969, §1366(d)(1), §1.1366-2(a)(2)(i)