S Corp distributions in excess of basis

[cpabsd]

S corp shareholder had distributions in excess of basis. Per my research, this is taxable as capital gain. Is there any place to input this on the K1 screen or do I set it up as a separate line on Schedule D? I am trying to finish another return.

Thanks!

[Maribeth]

S corp shareholder had distributions in excess of basis. Per my research, this is taxable as capital gain. Is there any place to input this on the K1 screen or do I set it up as a separate line on Schedule D? I am trying to finish another return.

Thanks!

Enter it on the Schedule D input screen. It is a long term capital gain. I usually list " ABC Corp - excess distributions".

Maribeth

[kcjenkins]

I usually list it as "ABC Corp 71-1111111- excess distributions", where 71-1111111 is the EIN of the corp. If the name is too long, I'll shorten the name rather than leave out the EIN, because that is a better identifier, [to both the IRS and ME] than the name.

[cpabsd]

Thank you KC and Maribeth.