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2. Cancellation-of-debt income - Wikipedia

   en.wikipedia.org/wiki/Cancellation-of-debt_income

   This act prohibited shareholders from increasing basis for their portions of the S corporation's excluded cancellation-of-debt income, for discharges of indebtedness after October 11, 2001. This effectively overturned the January 9, 2001, U.S. Supreme Court decision to allow such increases in basis in Gilitz v. Commissioner, 531 U.S. 206 (2001).

3. IRS 1099 Tax Form Explained: Here’s Everything You ... - AOL

   www.aol.com/irs-1099-tax-form-explained...

   Form 1099-NEC replaces 1099-MISC as the form used to report independent contractor income. If you paid an independent contract $600 or more, you’ll need to file one.

4. Schedule D: How to report your capital gains (or losses) to ...

   www.aol.com/finance/schedule-d-report-capital...

   Others will need to file Schedule D as well. Those who have realized capital gains or losses from a partnership, estate, trust or S corporation will need to report those to the IRS on this form ...

5. Form 1099 - Wikipedia

   en.wikipedia.org/wiki/Form_1099

   For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.

6. S corporation - Wikipedia

   en.wikipedia.org/wiki/S_corporation

   An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.

7. How to write off worthless stock and get a tax break - AOL

   www.aol.com/finance/write-off-worthless-stock...

   Here’s what you need to do to report your loss: Report any worthless securities on Form 8949 . You’ll need to explain to the IRS that your loss totals differ from those presented by your ...