Cash distributions to owners
Are cash distributions to owners considered property distributions for tax purposes ie: line 16d on the 1120s
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PhoebeRoberts
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Advisory council of Accountant community power users.
09/04/09 10:22am PDT
Yes. Cash is a form of property.
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Accountant Man
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09/04/09 10:33am PDT
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Yes, in fact the line for the shareholder distributions smart w/s says "total cash and property distributed to shareholders."
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
