Tracking stock blocks with differing basis separately can be beneficial for a shareholder who plans on disposing portions of their S corporation stock holdings.Įxample of tracking stock blocks: John owns two blocks of S corporation stock in Company A. If there is a partial stock sale or partial redemption, taxpayers can file more than one Form 7203 for each block of stock and track basis separately. When an S corporation shareholder has a different basis in different blocks of stock, passthrough items are generally allocated pro rata to all shares, regardless of their different basis. The most recent version can be found at the following links:įorm 7203: Form 7203 instructions: Stock blocks Part III: Shareholder Allowable Loss and Deduction Items.Īs of publication, Form 7203 and its instructions had not been finalized.The new form replaces the worksheet used for figuring an S corporation shareholder’s stock and debt basis that was previously contained in the Schedule K-1 instructions. Starting with the 2021 tax year, the IRS has added new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitation. S corporation basis reporting changes The IRS has created new Form 7203 to track and report basis year over year.
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