S-Corp Basis Explained 

I've listened to numerous videos trying to understand Basis, and ONLY you explained it rationally. You're the MVP 🏆🏆

Great video. The illustrations were very clear and explained very well. Now I have a better understanding of basis. Thank you!!🙏🏾

Thank you for explaining this clearly. The spreadsheet showing how to calculate basis helped a lot. It was not boring.

Excellent video, honestly a better explanation than a lot of what the CPA review courses are providing.

Excellent video, feeling much more educated. Thank you.

Thank you for sharing this information , very well explained and thanks again for the time you take to do these videos .👍👍👍

Thank you best explanation ever !! You are the best 👍🏻

If the company was an llc the previous year but switched to an s corp for the new calendar year, will the stock basis be zero for that year?

This was SO HELPFUL!!

Not boring, thanks so much!

Great vid.

Great video! Thanks so much!

Great video. Thanks.

I dont understand how an S-corp would have double taxation if drawing over basis. The Scorp is a flow through so all profit is taxed regardless. If my basis is 10k (I invest 10k in business) and the scorp profits 100k, and I take out 110k, im still being taxed on 100k profit.

Thanks for the awesome video. If I have a S corp and have profit, Can the single shareowner take loan out of S corp and pay the S corp with reasonable interest each year? By doing that, the shareowner does not need to pay tax on those profit sitting in S corp.

What if i contributed to the SCorp with 3rd party loans and a SBA loan, do theae count as basis?

What software are you using to monitor basis?

What should you do and how do you complete IRS Form 7203 if you have negative Retained Earnings of $ 70,000+ and it's all from cumulative operating losses over a number of years and none of it was distributions to shareholder and there is only 1 S-corp shareholder? If those losses were written off as they occurred and not suspended does that mean that $ 70,000+ now needs to be recognized as a long-term capital gain or something?

Very helpful

Where does income fit into your table? Doesn't money earned from selling your product get added to basis?

On the 1120-s Schedule M-2, are Line 2 (balance at beginning of tax year) and Line 8 (balance at the end of tax year) the company basis at the beginning and end year? In other words, the company balance is the same as the basis? And if there are multiple shareholders, then their basis is whatever percentage they own from the company balance/basis?

Ok so how do i increase my basis if i start with nothing but making money now in my business?

When S Corp converting to C Corp, what to do with the suspended loss in the final K1?

Thank you

Is it short term capita gain?

SM-LLC S-Corp 1. Are owners draw / distributions (outside payroll) taxable as ordinary income or capital gains? 2. Does the 40k profit outside of salary taxation differ if its retained in the S-corp vs it being distributed to me? Example: I contribute 10k to S-corp. S-corps net income for year is 100k. I am paid a 60k salary. How is the 40k profit treated?

Hello Halon Tax, is it possible to share the excel spreadsheet?

Thanks

I purchased a hair salon in 2019 and entity was setup as SCorp. Since 2019 is the first year I purchased this business, would the beginning basis be 0$ for the first K1 on my personal tax return?

Don't take more than you make. boom summary. lol jk great vid