Jeff Wisnia wrote:

- quote -

I'm not sure which line on the 1120S and K-1 the number goes
but it is tax exempt income that increases your basis in
your S-corp shares.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

How would I handle the one time Federal long distance tax
refund for the S-Corporation owned by my wife and me? All
income from the corporation is reported by us on our 1040
return.

I have the corporation's April and September 2006 detailed
phone bills available.

Thanks Guys,

--
Jeffry Wisnia
(W1BSV + Brass Rat '57 EE)
The speed of light is 1.8*10^12 furlongs per fortnight.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >