Schedule k-1 instructions 1120s Form

Schedule k-1 instructions 1120s Form: What You Should Know

If your corporation's operating income is limited to the first 50,000 of its shareholders' tax-exempt contributions (i.e., your corporation is not subject to the 100% penalty), you are reporting the 100% shareholder's tax on Schedule K-1 (Form 1120-S) instead. You may use these instructions to report this income on your tax return. The 100% shareholder's tax is limited to the excess of the corporation's net operating income over the shareholder's taxable income.

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