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Posted by Bill Brown on December 28, 2006, 8:15 pm
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Jeff Wisnia wrote:
> How would I handle the one time Federal long distance tax
> refund for the S-Corporation owned by my wife and me? All
> income from the corporation is reported by us on our 1040
> return.
I'm not sure which line on the 1120S and K-1 the number goes
but it is tax exempt income that increases your basis in
your S-corp shares.
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