Form 7023-2025

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You must complete and file Form 7203 if youre an S corporation shareholder and you: are deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations)
You must complete and file Form 7203 if youre an S corporation shareholder and you: are deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations) received a non-dividend distribution from an S-Corp. disposed of S-Corp stock (regardless of whether a gain was recognized)
New starting in tax year 2023: The 7203 is automatically included in the e-filed return and no longer needs to be added as a PDF attachment.
Controversy has surrounded Internal Revenue Form 8300 ever since Internal Revenue Code Section 60501 was enacted in 1984. As a result, the fact that Form 8300 may provide the Internal Revenue Service (IRS) with a powerful investigative tool has been somewhat overshadowed.
S corporation shareholders use Form 7203 to figure the potential limitations of their share of the S corporations deductions, credits, and other items that can be deducted on their individual returns.
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People also ask

The Stock Block line is used to identify the batch of stock reported on Form 7203. The description is not important to the IRS, so use something that is useful to you - number of shares, date of purchase, etc. Part I Line 1 is the stock basis from your prior year return.
Based on your facts, you should have in fact completed form 7203 for tax years 2021 and 2022 since you received a non-dividend distribution. Form 7203 was created by the IRS to have a uniform schedule for maintaining shareholder stock / debt basis.
Form 7203 was released by the IRS in December 2021 to keep track of stock and debt basis.

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