<superprimenova[at]gmail.com> wrote
- quote -




The K-1 should report any distributions to the shareholder during that year,
regardless of when the profits were earned.



--
Paul A. Thomas, CPA
Athens, Georgia

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On the K-1 For S Corp Tax Return the part where you list profit
distribution, is that the profit distribution you gave for the entire
year in 2007 (regardless whether it was profit distribution for tax
year 2006 /2007) or is that the portion of profit distribution you
gave in 2007 for the tax year of 2007 only? This is accural basis.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >