S-corps

Question 0

S-corps are similar to what? And how so?

Answer 0

Partnerships

Pass through income/loss.
S-corps aren’t taxed. Income/loss items are picked up by shareholders and taxed on the personal return

Question 1

Eligible shareholders

Answer 1

100 US people are common

Question 2

Compute shareholder basis in s corp stock

Answer 2

Initial basis
\+ income items (incl tax free income, by ownership %)
\+ addtl shareholder invest in corp stock
(Distrib to shareholder)
(Loss & expense items)
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End