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I’m got ya. Let the loss come through onto the 1040 on the k1 and then prepare a new k1 in the 1040 with income of the same amount.
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They have a LOC, and I don’t believe they are personally liable.
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Yes - but I think it has been incorrect from years ago before I prepared.
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First time I have a loss on an 1120S, however, the shareholders do not have any basis anymore. So they should not be able to deduct the loss. I can't seem to fi...
