Discussion:Active S-Corp Dist in Excess of Basis and NII
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Discussion Forum Index --> Advanced Tax Questions --> Active S-Corp Dist in Excess of Basis and NII
Discussion Forum Index --> Tax Questions --> Active S-Corp Dist in Excess of Basis and NII
12 June 2014 | |
I am researching a complex tax question and am needing help. There is an Active S-Corporation Shareholder that had shareholder distributions in excess of basis. They own 100% of the S-Corporation. This is treated as a capital gain and reported on Schedule D.
The question is how to apply the Net Investment Income Tax rules to the Active S-Corporation Shareholder Gain for Distributions in Excess of Basis. Currently the amount is treated as Net Investment Income without an adjustment. Would the amount be a downward adjustment on line 7 of the Form 8960, due to income from an S-Corporation with an Active Shareholder? A tax code referencing this would be great. |
June 12, 2014 | |
Winnie - this place was supposed to close on June 1 (see that pink banner at the top of the home page). Most, if not all, folks have migrated over to taxprotalk.com.
http://www.taxprotalk.com/forums/index.php?sid=7b947e9350eb1ee96af84ee7844cf81e
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