Maintaining and reconciling Shareholder basis in an S corporation can be challenging. Transactions can affect basis, something called ‘triple A’, retained earnings, ‘other adjustments’, and expenses deductible for tax purposes, but not for book and vice-versa. This course sorts all those terms out, tells you how they are calculated, how they affect a shareholder’s basis, and where to report them in the tax returns of both corporation and shareholder.
Enrolled Agent Approved