![]() Since a shareholder of an electing tax-option (S) corporation does not have income and resulting tax from the tax-option (S) corporation in the year of the election, the shareholder cannot use the credit to offset their income tax liability from other sources of income. No, a shareholder may only use the manufacturing and agriculture credit to offset their tax liability resulting from their prorated share of the tax-option (S) corporation's income as provided in sec.ħ1.07(5n)(c)3., Wis. The adjusted basis of a shareholder in the stock and indebtedness of an electing tax-option (S) corporation is determined as if the election was not made as provided in sec.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |