How does the S-corporation report income, gains, and losses to its shareholders?
An S corporation is not subject to North Dakota income tax. Instead, the shareholders are responsible for reporting and paying any applicable North Dakota income tax on their shares of the S corporations income that is reportable to North Dakota. The amount of income or loss that a shareholder must report to North Dakota and the forms and procedures that apply depend on the type of shareholder. The S corporation reports the income or loss to every nonresident individual, estate, or trust shareholder on a North Dakota Schedule K-1 (Form 60). The North Dakota Schedule K-1 (Form 60) is also used to report income or loss to every qualified subchapter S trust (QSST) and electing small business trust (ESBT) shareholder with a nonresident individual or estate beneficiary. Unless there are any North Dakota statutory adjustments or credits to report to the shareholders, a North Dakota Schedule K-1(Form 60) is not required to be issued to any resident individual, estate, or trust shareholder. Al
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