Federal LD Tax Refund - S Corp?

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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Jeff Wisnia wrote:

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. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >>
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