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ID Form Steps to Complete 2553 IRS: What You Should Know
Your total gross receipts (excluding reimbursements and interest amounts) are added. A deduction from gross receipts (including an itemized deduction for expenses and any tax-exempt interest paid or accrued under your S corporation articles or articles of association) is deducted. To qualify, your total gross receipts must exceed your adjusted basis in your business. Interest expense is deducted at the rate of 0.5% per quarter. Any amount taken from a net operating loss carryover under Sec. 1361, any excess of the adjusted basis of business over the amount determined as a carry forward under Sec. 1361, and any excess of the modified adjusted basis of business over the amount determined as a carry forward under Sec. 1362. Amounts from business inventory or inventory replacement under Sec. 613(e)(1)(A), as well as any tax-exempt interest paid or accrued under your S corporation articles or articles of association, are included as adjustments to adjusted basis. Any amount taken from a carryover of net operating losses under Sec. 1361 is included as a loss. In addition, any excess from a carryover of tax-exempt interest under Sec. 1361 or tax-exempt interest paid or accrued under your articles of association is included as a loss. For more information on your business, see Your Company and its Articles and Articles of Association. For additional questions regarding Form 2553, have a tax specialist look over your form and contact us at [email protected].
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