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Example: In 2000, David's Toy, Inc., a Nevada S corporation, opens an office in California. Since the S corporation is doing business in both Nevada and California, it must file Form 100S (California S Corporation Franchise or Income Tax Return) and use Schedule R to apportion income between the two states.
Best Answer: Your S corp should have filed a Form 1065 with K1. (sent to IRS) You would also receive a K1 from the corporation. The gain or loss on the K1 is what you would show on your tax return on Schedule E page 2.That information will transfer to your 1040 page 1 on line 17.) The $300 loss will flow through from the K1 to your Schedue E. The $900 you invested is not deductible. It is your beginning basis for stock in the S-Corp. 2) They are separate entities and must be filed separately. 3) See 1) above.