Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Shareholder

Elect to have the shareholder basis reduced by deductible items and then non-deductible items

Under IRC Regulation 1.1367-1(g), the shareholder may elect to reduce basis by items of loss or deduction before reducing basis by nondeductible, noncapital expenses and certain oil and gas depletion deductions.
Do the following to make this election:
  1. Select
    View
     then
    Shareholder Information
    .
  2. Select the
    Other Info
     tab then the
    Shareholder Basis
     window.
  3. Go to the
    Suspended Losses
    tab and enter
    X
     in the
    Regulation 1.1367-1(G) election
     field.
    The election statement will automatically print in the respective shareholder package.
    note
    The election statement is only required in the 1st year the election is made. If you don't need the election statement to print in the current year, enter
    X
     in the
    Suppress 1367 election statement
     field.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close