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#1
05-16-2005, 12:06 AM
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 Re: I need help on an S Corp return. "Mehrdad1" <avaleen1[at]yahoo.com> wrote: - quote - > I'm new to this and tried to post a similar message so if
Why would it NOT?> this ends up being a repeat I apologize in advance. > I'm doing the 2004 return for an S Corp which has been > incorporated for 2 years. > My questions really revolve around Retained Earnings. This > has ALWAYS been an S Corp. > 1. Can a company which has never been a C corp but always an > S Corp have Retained Earnings? - quote - > 2. If the answer to question 1 is YES, then can it also have
I would strongly suggest that if you don't know the answer> NEGATIVE Retained Earnings? to this basic accounting question, that you might not be qualified to do an s-corp return. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-15-2005, 11:47 PM
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| Re: I need help on an S Corp return. Yes, but since the stockholders are personally taxed on any profits left in the S-corp they are on Schedule L, line 24, and also as "Shareholders' Undistributed Taxable Income Previously Taxed" (Schedule M-2). Yes, you can have negative retained earnings on line 24 and line 4 of M-2. If there was no other capital infusion or carryover, you would increase loans from stockholders on line 19 of Schedule L. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
05-13-2005, 06:56 AM
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| I need help on an S Corp return. I'm new to this and tried to post a similar message so if this ends up being a repeat I apologize in advance. I'm doing the 2004 return for an S Corp which has been incorporated for 2 years. My questions really revolve around Retained Earnings. This has ALWAYS been an S Corp. 1. Can a company which has never been a C corp but always an S Corp have Retained Earnings? 2. If the answer to question 1 is YES, then can it also have NEGATIVE Retained Earnings? Thank you for your assistance! Mehrdad- << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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