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Sorry everyone. I am very confused and can’t find the answer anywhere. I’m losing my mind. Lol.
If an S-CORP distributes PROPERTY to a Shareholder, how does this PROPERTY affect the Shareholder’s BASIS?? Does the FMV or GAIN (fmv-nbv) reduce the Shareholder’s BASIS???
I know when a PARTNERSHIP distributes PROPERTY, the NBV reduces the Partner’s BASIS.
THANK YOU SO MUCH. I APPRECIATE ALL THE HELP.
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