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Tax Law (Questions About Taxes)/1040 reporting - sale of S-Corp stock


I have been filing the tax return for a family business, a S-Corp. I am selling my stock for a token amount (probably $1). S-Corp has had negative AAA but due to basis from shareholder loan, I have been able to take the losses. I still have positive basis thus the sale will result in a capital loss. How do I report this on my 1040?

How does the S-Corp report this sale of my share/interest? Should there be a change in my portion of the shareholder loan amount or AAA?

Schedule d. Sale of stock.

Are you waiving loan repayment too? Forgiving that amount of the loan which is yours?

Corp reports in equity section.

You need a professional planning and executing this stuff.  These questions are pretty simple and I am higgly concerned yiu have not done not only this year's retuens, but likely prior return too incorectly.

Ripe with ooportunities to screw up.

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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