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Pennsylvania Free Printable Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) for 2020 Pennsylvania Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

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Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)
Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

REV-998 PT (08-12) Shareholder Tax Basis in PA S Corporation Stock Worksheet PA S Corporation: EIN: Shareholder’s Name: Tax Year: SSN: Stock Basis 1. Shareholder’s Stock Basis at Beginning of Year 2. Shareholder’s Debt Basis at Beginning of Year 2 ADJUSTMENTS TO SHAREHOLDER’S BASIS 3. Adjustments to Stock Basis (shareholder’s contributions to capital/stock purchases) 3 4. Adjustments to Debt Basis 4a New shareholder’s loans to the corporation 4b Repayment of debt principal (Enter debt principal repayments made during the year, but only if debt basis has not been reduced in previous years by pass-through losses. If debt basis was previously reduced by losses, see Line 21b.) ADJUSTMENTS FOR INCOME AND GAINS (FROM PA RK-1 OR NRK-1) 5. Shareholder’s Distributed Share of Income 5a Interest income (resident only) 5b Dividend income (resident only) 5c Net income from business, profession or farm 5d Net income from rents, royalties, patents, etc. 5e Net gain from the disposition of property 5f Other classes of income (excluding gross compensation) 5g Non-taxable income Total Increases for Income and Gains (Add Lines 5a through 5g) DECREASES TO SHAREHOLDER’S BASIS 6. Decreases for Non-Dividend Distributions 6a Accumulated Adjustments Account (AAA) distributions 6b Distributions in excess of AAA Total Distributions (Add Lines 6a + 6b) Debt Basis 1 4a 4b ( ) 5a 5b 5c 5d 5e 5f 5g 5 6a ( 6b ( ) ) 6( ) DISTRIBUTIVE LOSSES 7. Net Loss from the Operation of a Business, Profession or Farm 7a Net loss from the operation of a business, profession or farm from RK-1/NRK-1 7a ( ) 7b Shareholder’s utilized loss (amount of Line 7a loss used to offset PA-40 in-class income) 7b ( ) 7c Shareholder’s share of straight-line depreciation 7c ( ) If Line 7a = Line 7b, then Line 7 = Line 7a If Line 7b = $0, then Line 7 = Line 7c If neither of the above apply, then Line 7 = 7b + {[(7a - 7b)/7a] x 7c} 7( ) 8. Net Loss from Rents, Royalties, Copyrights and Patents 8a Net loss from rents, royalties, copyrights and patents from RK-1/NRK-1 8a ( ) 8b Shareholder’s utilized loss (amount of Line 8a loss used to offset PA-40 in-class income) 8b ( ) 8c Shareholder’s share of straight-line depreciation 8c ( ) If Line 8a = Line 8b, then Line 8 = Line 8a If Line 8b = $0, then Line 8 = Line 8c If neither of the above apply, then Line 8 = 8b + {[(8a - 8b)/8a] x 8c} 8( ) 9. Net Loss from Sale, Exchange or Disposition of Property 9a Net loss from sale, exchange or disposition of property from RK-1/NRK-1 9a ( ) 9b Shareholder’s utilized loss (amount of Line 9a loss used to offset PA-40 in-class income) 9b ( ) Line 9 = 9b 9 ( ) 10. Decrease for PA Business Credits 10 ( ) 11. Non-Deductible Expenses 11 ( ) 12. Total Distributed Losses & Credits (Add Lines 7, 8, 9, 10 and 11.) 12 ( ) 13. Net Increase/(Decrease) (Add Lines 5, 6 and 12.) 13 14. If Line 13 is Positive: 14a 14b Restore any negative debt basis caused by pass-through losses from the Line 13 income. Any excess over the debt basis adjustment should be entered as stock basis on Line 14a. If not restoring debit basis, enter Line 13 on Line 14a. 15. If Line 13 is Negative: Enter the Shareholder’s Distributed Share of Income from Line 5. If Line 13 is positive, enter Line 14a. 15 16. Subtotals Line 16a = Line 1 + Line 3 + Line 15 Line 16b = Line 2 + Line 4a + Line 4b + Line 14b 16a 16b 17. If Line 13 is Negative: Adjustment for Non-Dividend Distributions 17a ( ) Enter amount from Line 6, but no more than the amount in the stock basis column on Line 16a. However, if there is an entry on Line 14a, leave this line blank and go to Line 20. 18. Subtotals Line 18a = Line 16a + Line 17a Line 18b = Line 16b 18a 18b 19. If Line 13 is Negative: Adjustment for Distributed Losses & Credits 19a ( ) 19b ( ) Enter in the Stock Basis column the amount on Line 12 to the extent of the subtotal on Line 18a. Any excess is entered in the debt column to the extent of the subtotal on Line 18b. If there are entries on Lines 14a and 14b, leave this line blank and go to Line 20. 20. Subtotals Line 20a = Line 18a + Line 19a Line 20b = Line 18b + Line 19b 20a 20b 21. Adjustments for: 21a Sale or other disposition of stock 21a ( ) 21b Repayment of debt principal due to pass-through losses. (Enter debt principal repayments made during the corporation’s tax year, but only if debt basis has been reduced in previous years by pass-through losses. If debt basis has not been previously reduced by losses, see Line 4b. Repayment of reduced-basis loans triggers gain recognition. 21b ( ) 22. End of Year Balances (not less than zero) Line 22a = 20a + 21a Line 22b = 20b + 21b 22a 22b Lines 1 and 2- Enter prior year ending stock and debt basis or initial basis in S corporation stock. Line 17a - Distributions in excess of basis are taxable to residents and should be reported on PA-40 Schedule D, Line 9 Distributive Losses - PA law requires a PA S corporation to depreciate property by a minimum amount it determines using the straight-line method, even if the depreciation calculated under this method does not provide any tax benefit. Tax benefit means that the shareholder reduces PA tax liability or tax liability to another state. Therefore, if a shareholder receives a distributable share of a loss and does not receive a benefit from the loss, the shareholder must still reduce the basis by the share of straight-line depreciation. However, if the shareholder only received a partial benefit from the loss, the shareholder must reduce the basis by (1) the loss utilized and (2) a portion of the shareholder’s share of straight-line depreciation. This is calculated by the unutilized loss divided by the total loss, multiplied by the shareholder’s share of straight-line depreciation. The shareholder must reduce the basis by the total loss if the shareholder receives full benefit of the loss. Reset Form RETURN TO TOP PRINT FORM
Extracted from PDF file 2019-pennsylvania-form-rev-998.pdf, last modified May 2008

More about the Pennsylvania Form REV-998 Corporate Income Tax TY 2019

We last updated the Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) in March 2020, so this is the latest version of Form REV-998, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form REV-998 directly from TaxFormFinder. You can print other Pennsylvania tax forms here.

Other Pennsylvania Corporate Income Tax Forms:

TaxFormFinder has an additional 174 Pennsylvania income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form PA-41 PA Fiduciary Income Tax Return
Form PA-41 PA-V PA-41 Payment Voucher
Form PA-20S-PA-65 S Corporation/Partnership Information Return (PA-20S/PA-65)
Form REV-1605 Schedule CO - Names of Corporate Officers
Form REV-1200 CT-1 PA Corporation Tax Booklet

Download all PA tax forms View all 175 Pennsylvania Income Tax Forms


Form Sources:

Pennsylvania usually releases forms for the current tax year between January and April. We last updated Pennsylvania Form REV-998 from the Department of Revenue in March 2020.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Pennsylvania Form REV-998

We have a total of nine past-year versions of Form REV-998 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

2017 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

2016 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) 2015 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) 2014 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) 2013 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) 2012 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998) 2011 Form REV-998

Shareholder Tax Basis in PA S Corporation Stock Worksheet (REV-998)


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