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.

> > > > > > > > >
Reply to
Jeff Wisnia
Loading thread data ...

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.

Reply to
Bill Brown

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.