IRS Releases Practice Unit on S Corporation Initial Stock Basis.

The IRS released a practice unit on initial stock basis for an S corporation shareholder.  The unit begins as follows:

Shareholders must establish the amount of their stock basis when:

  • The S corporation allocates a loss or deduction item to the shareholder,
  • The S corporation makes a non-dividend distribution to the shareholder, or
  • The shareholder sells, exchanges, or otherwise disposes of stock.

See full practice unit by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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