P
Paul B.
For all practical purposes I'm winding down my S-Corp, but
will keep its shell afloat for a while.
This year I reregistered the corporate van in my own name. I
think the way to deal with this is to consider it a
distribution (~$9000) and log it onto Form K-1 (I'm the only
shareholder). I would then subtract it's value from the
corporate AAA at Form 1120S, Schedule M2, and have to report
it as income on my 1040.
Am I in the ball park on this? If so, where on K-1 does the
distribution get written up?
Thanks much!
Paul
will keep its shell afloat for a while.
This year I reregistered the corporate van in my own name. I
think the way to deal with this is to consider it a
distribution (~$9000) and log it onto Form K-1 (I'm the only
shareholder). I would then subtract it's value from the
corporate AAA at Form 1120S, Schedule M2, and have to report
it as income on my 1040.
Am I in the ball park on this? If so, where on K-1 does the
distribution get written up?
Thanks much!
Paul