[trk85718]

Has anyone completed the practice exam sims for reg? specifically testlet 3 SIM 2. I am having trouble following how to calculate shareholder basis in the S corp.

[TCav12579]

I forget the exact numbers… but essentially you take the initial contribution of 700k (only number I remember off the top of my head) and make adjustments based on the k-1. I think there were two items of income and 2 items that would decrease. I found out what the bottom two numbers were by going to the legend at the bottom of the k-1 form. Sorry for not having specific numbers, hope this helps!

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