1040-US: Shareholder Basis Worksheet - charitable contributions and foreign tax treatment

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Question

How are charitable contributions treated on the Shareholder's Basis Worksheet?

Answer

IRC Section 1366(d)(4) states that in applying the basis limitation to charitable contributions the limitation shall not apply to the extent of the excess, if any, of the shareholder's share of the contribution over the shareholder's adjusted basis of the property. Enter the shareholder's adjusted basis of property in the statements attached to the Noncash contributions (50%)Noncash contributions (30%), Captial gain property to 50% organization (30%), andCapital gain property (20%) fields in Screen K1-3.

Related topic: Partner’s and Shareholder’s Basis Worksheets FAQs (1040)

Share This