basis Archives | EA Journal

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, §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), §385(a), s corporation, Notice 94-97, basis, §1.1366-2(a)(2)(ii)

Feature Article

Basis and At-Risk Amounts for S-Corporations

Often, tax practitioners ignore or are unaware of limitations that exist for deducting losses on taxpayers’ returns. Some of the more overlooked areas in this regard are those of basis and at-risk limitations. "is article will shed some light on what may be confusing issues for practitioners dealing with these topics. S Corporation Basis Basis for an S corporation should in theory be easy to determine. An S corporation's sharehol... David Woods, EA

Jan/Feb 2018, Feature Article, S Corporations, business, amounts, basis, at-risk