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Why does basis matter for distributions?
Think of basis as your “tax bank account.” Distributions are withdrawals — tax-free as long as you have basis left.
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What if I run out of basis?
Once basis hits zero, any additional distribution is taxed as capital gain — not tax-free anymore.
An S Corp shareholder with $10,000 basis receives a $15,000 distribution. How is the excess taxed?
Which increases an S Corp shareholder's basis?
Losses exceeding basis are _______ until basis is restored.
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An S Corp shareholder with $10,000 basis receives a $15,000 distribution. How is the excess taxed?
Which increases an S Corp shareholder's basis?
Distributions decrease basis, not increase it. Income and additional contributions increase basis.
Losses exceeding basis are _______ until basis is restored.
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Great question! 🎓✨ Let me break this down for you! 🚀
📚 Understanding S Corporation Basis 📚
Basis is SUPER important when it comes to S Corps! Here's what you need to know:
🔑 Key Concepts:
- Initial Basis — This is calculated pursuant to IRC §1366(a)(1) which provides that the shareholder's pro rata share of income...
- Adjustments — Per the statutory framework of §1367(a)(2)(B)-(D), basis shall be decreased (but not below zero) by...
- Distributions — Under the operative provisions of §1368(b)(1), distributions that do not exceed the AAA...
💡 Pro tip: Think of it like a bank account! 🏦
Hope this helps! Let me know if you have any other questions! 😊🙌
S Corp basis tracks how much you've “invested” in the company for tax purposes. It determines two things: whether distributions are taxable, and how much loss you can deduct.
Your basis starts with what you paid for your shares. It goes up when the company earns income (your share gets added). It goes down when the company passes through losses or makes distributions.
The key rule: distributions are tax-free up to your basis. Once basis hits zero, any additional distribution is taxed as capital gain. And you can't deduct losses beyond your basis either — those get suspended until basis is restored.
Based on your course materials — Chapter 3, pp. 45-48
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Corporate Tax — Problem Set 3
SentIncome Transfer — Ch. 5 Reading
PendingCross-Jurisdictional — Midterm Review
PendingSaved to Corporate Tax — Week 9 · AI will reference this in your next session
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