Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
RABYS WEIGH IN ON S CORPORATION BASIS SHIFTS
April 21, 2005
The TaxProf today pulls "Shareholder Loans and Basis in S Corporations" from behind the Tax Analyst subscriber firewall. Burgess and William Raby review the tax law rules on how shareholders get basis to take S corporation losses, including the latest cases. Wise words in their conclusion:
S corporation shareholders in need of basis to deduct losses
should seriously consider either:
* contributing assets with sufficient tax basis to the
corporation; or
* borrowing the money needed and making a contribution to capital
or a loan.
This is one of our favorite topics; here are some of our prior posts on S corporation basis:
S CORP FAILS TO COVER ITS BASIS
S CORPORATION SHAREHOLDER LOSES BASIS APPEAL
TAXPAYER APPEALS IRS ATTACK ON S CORPORATION BASIS TRANSFERS
NO BASIS, NO LOSS: YEAR END PLANNING FOR S CORPORATION SHAREHOLDERS
RING AROUND THE ROSEY FAILS AN S CORPORATION SHAREHOLDER
Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
