S-corp does not have basis in LLC to take losses
S-corp does not have basis in partnership to take losses. How do you present this on the tax return of an S-corp?
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11/19/09 9:12am PST
Viewed by asker 11/30/09 11:45am PST
Viewed by asker 11/30/09 11:45am PST
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PhoebeRoberts
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11/19/09 9:29am PST
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By only deducting the allowable losses. (You'll need to manually apply the limitation.)
Note that you'll have a book-tax difference on Schedule M for the suspended losses.
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