Discussion:S-Corp Loss
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> S-Corp Loss
| 22 May 2006 | |
| Need some guidance. First year S-corp completed except for causalty loss. Truck (over 13000 lbs) bought 8/16/05 for $70,000.
Trk wrecked, NOT totaled in Nov. 2005. Insurance proceeds of $30853 rec'd 12/19/05. Minimum repairs (<$3500)completed in 2005 so majority of remaining repairs completed in 2006. '05 reg. deprec. of 6300 and Sec. 179 7000 taken. Truck most likley will be sold next month. Give me some options. Love this forum, didn't know about it until ProSeries sent me my archive disk. Darlyne ACC Tax | |
| 23 May 2006 | |
| Casualty loss is based on FMV before and after. Best would be to wait for sale and compare to blue book. | |
To join in on this discussion, you must first
log in.
