Discussion:Sale of Property & Casualty Losses in S Corp
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Discussion Forum Index --> Tax Questions --> Sale of Property & Casualty Losses in S Corp
| 18 June 2007 | |
| Commerical fishing biz, S Corp owned lot where boat was kept at marina and sold it. What Forms is this reported on? We've shown sale on 4562, 4797, K1 as Sec 1231 gain. It isn't rental property, so, is 8825 necessary? Also, the final gain is 112K on Line 17E of K1. Does this flow over as a gain to 1040? It doesn't seem to be computing automatically as a gain on 1040 just fromt he input of the K1 (using ATX software).
Also, the boat was repossessed after hurricanes in 05. It was finally sold by the repossessor for 1K but they still owe 40K on note. They're filing personal bankruptcy. Do we show this boat as casualty loss on 4684 along with other equipment (traps, etc) damaged in hurricane. We are handling the bookkeeping and agreed to do a draft of the tax forms for submittal to be finalized by the tax attorney. The closer we get this to what is filed, the less the client is charged by tax atty. any help, advice would be appreciated. Thanks. | |
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