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CCH Axcess Tax

Adjust Basis of Shareholder Stock in S Corporation

Entries for the S Corporation name and employer identification number produce the following election:

Election to Adjust Basis of Shareholder Stock In S Corporation Pursuant to IRC Sec. 1.1367(g)

(Name), a shareholder in (S Corporation name) (Employer identification number) hereby elects the basis ordering rules provided in Reg. Sec. 1.367-1(g), and further agrees to treat any amount described in Reg. Sec. 1.1367-1(f)(3) that is in excess of the shareholder's basis in stock and indebtedness in (S Corporation name) as an amount described in Reg. Sec. 1.1367-1(f)(3) in the succeeding tax year.