This preview shows page 1. Sign up to view the full content.
Unformatted text preview: choose the tax year of its majority partners. 21-26 No recapture of the general business credit will take place. The election is a mere change in the form of organization and not a disposition of property. However, if the S corporation makes an early disposition of any property for which a credit was taken by the corporation prior to the effective date of its election, the S corporation remains liable for the general business credit recapture. 21-53 July 15, 2011The 15th day of the third month after May 1, 2011. Shareholders were acquired on May 1. 21-63 The shareholder's loss is determined on a per-share, per-day basis and is $30,000 ($300,000 30% 1/3). The loss deduction is limited to $20,000 because that is the shareholder's basis in the corporation, assuming the passive loss rules do not apply....
View Full Document
- Spring '12