K-1 & S Corp Tax Profit Distribution

superprimenova · Joined: 25 Aug 2007 Posts: 77

On the K-1 For S Corp Tax Return the part where you list profit
distribution, is that the profit distribution you gave for the entire
year in 2007 (regardless whether it was profit distribution for tax
year 2006 /2007) or is that the portion of profit distribution you
gave in 2007 for the tax year of 2007 only? This is accural basis.

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Archived from group: misc>taxes>moderated

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

wrote
> On the K-1 For S Corp Tax Return the part where you list profit
> distribution, is that the profit distribution you gave for the entire
> year in 2007 (regardless whether it was profit distribution for tax
> year 2006 /2007) or is that the portion of profit distribution you
> gave in 2007 for the tax year of 2007 only? This is accural basis.

The K-1 should report any distributions to the shareholder during that year,
regardless of when the profits were earned.

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Paul A. Thomas, CPA
Athens, Georgia

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