S Corp basis - Spidell

S Corp basis

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Message Board S Corp basis

This topic contains 0 replies, has 1 voice, and was last updated by Anonymous 1 week, 6 days ago.

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    Anonymous

    We prepare a tax return for an S corp shareholder who receives a K-1 every year. He is complaining that his company has not kept track of his basis in his stock and his company said that it his CPA’s responsibility to keep track of basis.  Is this true? I thought their ending basis is shown on their K-1?

     

    Can someone assist me with this please? Is there a code section that you can point me to?