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Pomona California Form 1120-S (Schedule K-1): What You Should Know

Net operating loss carry forward (NOLA). Check the income on Form 1120S(1040), Schedule D. S Corporation Income Tax Deduction — IRS (1) All shareholders of the S corporation and their respective beneficiaries are treated as partners for purposes of the section 904 deduction and the section 162 deduction. (2) Any person can claim a deduction for all or part of the business expenses incurred and expenses for which he could be reimbursed. (3) The section 904 deduction can be claimed for losses and expenses incurred from the beginning of the taxable year or a succeeding taxable year to the close of the month of December next following the taxpayer's tax filing date. (4) The section 162 deduction can be claimed for property transferred by the corporation to its shareholders in a sale (see 10 U.S.C. § 1350(b)) or as part of any change in the corporation's business activities, including the transfer or sale, or acquisition through merger or consolidation, of the corporation's property to another taxpayer. (5) The section 904 and section 162 deductions may be claimed even if the S corporation does not have property on hand or may not report a receipt in the current year. (6) Shareholder's share. For purposes of claiming a section 904 or section 162 deduction, any person that, in the taxable year, has at least 10% of the corporation's stock (whether he holds preferred stock); and of whose income and gain arising after the taxable year the S corporation has no taxable income or gain. (7) For the sake of argument, assume that a trust or estate has all the stock of a corporation allocated amongst all the persons who own stock in the trust or estate and in any case of which that person was not the only beneficiary. For purposes of computing whether a person has a share of the income, gain, deduction or loss of a corporation, consider whether he could be considered to share in either the corporation's loss or gain, and the shareholder's share. (8) Shareholder's share. If a corporation is treated as a partnership for federal income tax purposes, any benefit that accrues to any corporation shareholder with respect to a business that does not include the activities of the company is treated as having been received by the person. (9) Dividends and interest received by a corporation are includible in gross income if they are attributable to business activities of the corporation. (10) Net income before deductions.

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