The IRS just released a brand-new form, Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations. Form 7203 is required to be filed with an S corporation shareholder’s 1040 if that shareholder claims a deduction for their share of an S corporation loss, received a loan repayment from an S corporation, disposed of stock in an S corporation or received a non-dividend distribution from the S corporation. In this course, we’ll go through the form, line by line, and help you understand where to get the information required to fill it out correctly.
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