Report cash liquidating distributions daniel and rebecca still dating


10-Oct-2018 15:49

report cash liquidating distributions-56

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You need to enter the value of beginning retained earnings on line 1 of Sch M-2.This value should correspond to line 25 of Schedule L,712, as you said.The company's net income or loss per the books may differ from the net income or loss per the tax return.This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed ,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is

Can you please let me know if I need to report as Capital Gains or Dividends? If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains?Hi, my wife and I were the stock holders in a C-corp which was 5 years old and we filed a FINAL tax return after it ceased all operations.The CPA filed the final tax return with the following amounts: Schedule L: Line 15= ,712 Line 22a =

(You first can take your cost basis down to zero.) It even includes verbiage such as "nondividend distribution exceeding basis" and instructions to leave the cost/basis blank.Also, for some reason, my CPA didn't show any stock value and showed it as [[

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.This value should correspond to line 25 of Schedule L$11,712, as you said.The company's net income or loss per the books may differ from the net income or loss per the tax return.This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

||

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.

This value should correspond to line 25 of Schedule L$11,712, as you said.

The company's net income or loss per the books may differ from the net income or loss per the tax return.

This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

“ If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains? “Also, for some reason, my CPA didn't show any stock value and showed it as $0, though I invested about $5,000 when I started the company.

If it's just capital gains tax, do I need to show it in Schedule D and show the sale of the stock as "$11,712" and show that this stock was bought for "$0.00" so that the entire amount becomes the gains?

The shareholders generally recognize gain (or loss) in an amount equal to the difference between the fair market value (FMV) of the assets received (whether they are cash, other property, or both) and the adjusted basis of the stock surrendered.

If the stock is a capital asset in the shareholder’s hands, the transaction qualifies for capital gain or loss treatment.

]], though I invested about ,000 when I started the company.Don't know if there is a way to show it now some how as it was over 5 years ago.There should be some additional information that the t/p received in a notice on the treatment of distribution for tax purposes. Whether it is taxable or not depends upon several things, to include the original cost basis and any later returns of capital prior to the 2012 event.

Line 22b=[[

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.This value should correspond to line 25 of Schedule L$11,712, as you said.The company's net income or loss per the books may differ from the net income or loss per the tax return.This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

||

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.

This value should correspond to line 25 of Schedule L$11,712, as you said.

The company's net income or loss per the books may differ from the net income or loss per the tax return.

This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

“ If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains? “Also, for some reason, my CPA didn't show any stock value and showed it as $0, though I invested about $5,000 when I started the company.

If it's just capital gains tax, do I need to show it in Schedule D and show the sale of the stock as "$11,712" and show that this stock was bought for "$0.00" so that the entire amount becomes the gains?

The shareholders generally recognize gain (or loss) in an amount equal to the difference between the fair market value (FMV) of the assets received (whether they are cash, other property, or both) and the adjusted basis of the stock surrendered.

If the stock is a capital asset in the shareholder’s hands, the transaction qualifies for capital gain or loss treatment.

]] Line 25=,712 Schedule M-2; Line 5a (Cash distribution): ,712 Line 8 (Balance @end of year): [[

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.This value should correspond to line 25 of Schedule L$11,712, as you said.The company's net income or loss per the books may differ from the net income or loss per the tax return.This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

||

You need to enter the value of beginning retained earnings on line 1 of Sch M-2.

This value should correspond to line 25 of Schedule L$11,712, as you said.

The company's net income or loss per the books may differ from the net income or loss per the tax return.

This can happen if the company reports income on an accrual basis for the books but on a cash basis for the tax return. As the C corp distributed $11,712, div reported on Sch M2 line 5a, the balance at the end of the year on Sch M2 is $0.

“ If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains? “Also, for some reason, my CPA didn't show any stock value and showed it as $0, though I invested about $5,000 when I started the company.

If it's just capital gains tax, do I need to show it in Schedule D and show the sale of the stock as "$11,712" and show that this stock was bought for "$0.00" so that the entire amount becomes the gains?

The shareholders generally recognize gain (or loss) in an amount equal to the difference between the fair market value (FMV) of the assets received (whether they are cash, other property, or both) and the adjusted basis of the stock surrendered.

If the stock is a capital asset in the shareholder’s hands, the transaction qualifies for capital gain or loss treatment.

]] The CPA told me that we can issue 1099-DIV and report this money as dividend on personal tax 1040.It could be a Schedule D item with basis adjustments, etc Sandy My software (Drake) does not have a line 8 in the input screen. The number apparently does not "go anywhere" but the help/alert later explains the treatment of the distribution (consistent with what Sandy already stated) and clear instructions on how to report the income, including instructions for Sch D if such is needed.

.

[[

Can you please let me know if I need to report as Capital Gains or Dividends? If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains?

Hi, my wife and I were the stock holders in a C-corp which was 5 years old and we filed a FINAL tax return after it ceased all operations.

The CPA filed the final tax return with the following amounts: Schedule L: Line 15= $11,712 Line 22a = $0 Line 22b=$0 Line 25=$11,712 Schedule M-2; Line 5a (Cash distribution): $11,712 Line 8 (Balance @end of year): $0 The CPA told me that we can issue 1099-DIV and report this money as dividend on personal tax 1040.

It could be a Schedule D item with basis adjustments, etc Sandy My software (Drake) does not have a line 8 in the input screen. The number apparently does not "go anywhere" but the help/alert later explains the treatment of the distribution (consistent with what Sandy already stated) and clear instructions on how to report the income, including instructions for Sch D if such is needed.

||

Can you please let me know if I need to report as Capital Gains or Dividends? If it's capital gains and as the C-Corp existed for 5 years, is it considered as Long Term capital gains?Hi, my wife and I were the stock holders in a C-corp which was 5 years old and we filed a FINAL tax return after it ceased all operations.The CPA filed the final tax return with the following amounts: Schedule L: Line 15= $11,712 Line 22a = $0 Line 22b=$0 Line 25=$11,712 Schedule M-2; Line 5a (Cash distribution): $11,712 Line 8 (Balance @end of year): $0 The CPA told me that we can issue 1099-DIV and report this money as dividend on personal tax 1040.It could be a Schedule D item with basis adjustments, etc Sandy My software (Drake) does not have a line 8 in the input screen. The number apparently does not "go anywhere" but the help/alert later explains the treatment of the distribution (consistent with what Sandy already stated) and clear instructions on how to report the income, including instructions for Sch D if such is needed.

]] [[

(You first can take your cost basis down to zero.) It even includes verbiage such as "nondividend distribution exceeding basis" and instructions to leave the cost/basis blank.

Also, for some reason, my CPA didn't show any stock value and showed it as $0, though I invested about $5,000 when I started the company.

||

(You first can take your cost basis down to zero.) It even includes verbiage such as "nondividend distribution exceeding basis" and instructions to leave the cost/basis blank.Also, for some reason, my CPA didn't show any stock value and showed it as $0, though I invested about $5,000 when I started the company.Don't know if there is a way to show it now some how as it was over 5 years ago.There should be some additional information that the t/p received in a notice on the treatment of distribution for tax purposes. Whether it is taxable or not depends upon several things, to include the original cost basis and any later returns of capital prior to the 2012 event.

]]

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