Small Business Taxes & Management


Small Business Taxes & ManagementTM--Copyright 2013, A/N Group, Inc.


Election to Reduce Basis of S Corporation Shares by Items of Loss Before Nondeductible Expenses


Election to Reduce Basis by Items of Loss or Deduction before Nondeductible Expenses and Oil and Gas Depletion

Pursuant to Reg. Sec. 1.1367-1(g) taxpayer hereby elects to reduce basis by losses and deductions before nondeductible expenses and oil and gas depletion. Taxpayer agrees to carry over to the succeeding taxable year the nondeductible, noncapital expenses and oil and gas depletion deductions that exceed stock and debt basis.

S Corporation Name: Madison, Inc.
S Corporation EIN: 20-5555555


Copyright 2013 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Articles in this publication are not intended to be used, and cannot be used, for the purpose of avoiding accuracy-related penalties that may be imposed on a taxpayer. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536

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--Last update 05/28/13