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Illinois Rcoa 1 Form

Illinois Rcoa 1 Form

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Instructions and help about Illinois Rcoa 1 Form

okay for this form 7203 video I wanted to cover a unique election available to S corporations and so the election is stated here at the top it's regulation section 1.1367-1 Gene and so this election is made in order to kind of reorder the way you adjust your stock basis in the S corporation so I've got two slides in front of us outlining the rules and the fact pattern we're going to look at and then as far as the the returns and the k1s I do have the K1 for our shareholder so our shareholder here is going to be Jane Doe and she's a 20 shareholder in this S corporation and then we have two versions of her form 1040. so we have 11040 with the 7203 where we're not making this election so we're just going to use the default treatment for ordering the ordering rules on adjusting our basis and then we have a second form 1040 and a second 7203 where we do make this election so we'll go through all these elements and then try to clarify h

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