08-16-2003, 01:11 AM
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 Re: Section 7872 "Chuck" <kingfish02375[at]yahoo.com> wrote: - quote - > Taxpayer is an S-Corporation.
What exactly does Section 7872 have to do with the> The tax return shows: > Capital Stock = $5000 > AAA Acct = $351,374 > Shareholder's Undistributed Taxable Income previously > taxed = $67502 > Shareholder's take = $296,843 > How is the shareholder's take handled on the Tax Return? > Section 7872 applies. shareholders reporting of income? There is no mention of any loan here...... -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-15-2003, 01:05 AM
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| Section 7872 Taxpayer is an S-Corporation. The tax return shows: Capital Stock = $5000 AAA Acct = $351,374 Shareholder's Undistributed Taxable Income previously taxed = $67502 Shareholder's take = $296,843 How is the shareholder's take handled on the Tax Return? Section 7872 applies. TIA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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