S Corp sells land

[Marie]

S corp farm sells part of the land it owns.  How is basis figured.  S corp basis, or each individual shareholder's basis.  (just land, no depreciation recapture) 

So is basis figured on the scorp's 8949, or is the total sale reported and each shareholder figures his cost?

[grandmabee]

if the S-corp owns the land the sale is reported on the 1120-S.  basis is what is on the balance sheet of the Corp.

it will flow thru to the K-1's

[Marie]

OK, GOOD, THANK YOU

[mircpa]

On form 4562 go with asset entry route pick sales input sales amount it automatically takes care from there flows through wherever it is required.