Effect of nondeductible, noncapital expenses on S stock basis and taxable income.: An article from: The Tax Adviser

by Charles C. Arthur, Carl S. Allegretti, Michael J. Slattery

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This digital document is an article from The Tax Adviser, published by American Institute of CPA's on November 1, 1995. The length of the article is 1389 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The IRS has released final regulations under IRC section 1367 that identify S corporation stock basis adjustments that must be made by S shareholders for nondeductible noncapital expenses. The general rule is that nondeductible noncapital expenses must first be used to reduce basis before deductible expenses are used to reduce basis. S shareholders may elect to reverse the order of basis adjustments, but if they do so, they must carry forward any nondeductible noncapital expenses that cannot reduce basis because the expenses exceed basis.

Citation Details
Title: Effect of nondeductible, noncapital expenses on S stock basis and taxable income.
Author: Charles C. Arthur
Publication: The Tax Adviser (Magazine/Journal)
Date: November 1, 1995
Publisher: American Institute of CPA's
Volume: 26 Issue: n11 Page: 656(4)

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