Federal LD Tax Refund - S Corp?

Dec 28, 2006 1 Replies

How would I handle the one time Federal long distance tax refund for the S-Corporation owned by my wife and me? All income from the corporation is reported by us on our 1040 return. I have the corporation's April and September 2006 detailed phone bills available. Thanks Guys,


-- Jeffry Wisnia (W1BSV + Brass Rat '57 EE) The speed of light is 1.8*10^12 furlongs per fortnight.



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I'm not sure which line on the 1120S and K-1 the number goes but it is tax exempt income that increases your basis in your S-corp shares.

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