Hi guys, Welcome to the Advanced Video Search Engine, and you are watching IRS Form 7203 - How to Calculate Adjusted Capital Gain on Stock Sale. That video is uploaded by Jason D. Knott at 2023-03-22T18:00:16-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [lmpp-FJZwtU]
| Name | IRS Form 7203 - How to Calculate Adjusted Capital Gain on Stock Sale |
| Video Uploader | Video From Jason D. Knott |
| Upload Date | This Video Uploaded At 23-03-2023 01:00:16 |
| Video Discription | Visit our Form 7203 playlist for more examples: https://youtube.com/playlist?list=PLTdpzKOWNutQwxDCJfxbNi32j17aP2JDV In this example, I cover a scenario where a shareholder sells 100% of their stock and recognizes a short-term capital gain on the sale. The shareholder was able to reduce their net capital gain using the remaining stock basis in their S corporation shares. In order to accurately calculate the capital gain on the sale of stock, the shareholder must calculate their adjusted stock basis in the S corporation immediately before the disposition. IRS Form 7203 is required with a taxpayer's Form 1040 tax return if the shareholder has one of the following during the tax year: 1. The shareholder is claiming a deduction for their share of losses from the S corporation (this includes prior year losses); 2. The shareholder received a non-dividend distribution from the S corporation; 3. The shareholder disposed of stock (complete or partial disposition) during the tax year; or 4. The shareholder received a loan repayment from the S corporation. My recommendation is to always file Form 7203 to track stock & debt basis, even under circumstances where the form was not required. For some general guidance on S corporation stock & debt basis, please see the IRS website below: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis For more 2022 tutorials on Form 1120-S, please see the following playlist: https://youtube.com/playlist?list=PLTdpzKOWNutQW_Aofody_1p5EyeaB9MkV For other form tutorials that might be applicable to your return, check our videos here: S Corp Health Ins: https://youtu.be/eX4HcEvEtk8 Schedule B-1 Disclosure: https://youtu.be/lpHos4BcMgA Form 8869 Q Sub Election: https://youtu.be/90MhuuviXCw How is Income Allocated? https://youtu.be/v5Pn6oHdBvo S Corp Debt Forgiveness: https://youtu.be/60NldMgiRwY S Corp Restricted Stock: https://youtu.be/Xx6bZwECBCI Deducting Business Gifts: https://youtu.be/MX8WxeUiEx4 Did your S corp election terminate? https://youtu.be/hAcGsoElcRI For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form7203 #7203 #Scorporation #Form1120s lmpp-FJZwtU |
| Category | Education |
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