Enter Reg. 1.1367-1(g) for an individual return

Internal Revenue Code (IRC) Reg. 1.1367-1(g) explains adjustments to the basis of a shareholder's stock in an S Corporation. This code section applies to shareholder basis, not at-risk basis. IRC Section 1367 lets a shareholder elect to reduce the shareholder basis by items of loss or deduction (for example, ordinary loss and Section 179 expense) before nondeductible noncapital expenses.
Follow these steps to enter a Reg. 1.1367-1(g) election for a 1040 return. 
  1. Go to the SBasis1 screen in the K1 1065, 1120S folder for the K-1 unit.
  2. Mark the
    Regulation 1.1367-1(g) election
    checkbox. This will automatically print an election statement with the individual return.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close