I am a shareholder in a tax-option (S) corporation. What types of income can I include when computing the tax imposed on the business operations of the tax-option (S) corporation?
For purposes of computing the tax imposed on the business operations of the tax-option (S) corporation, the income is limited to your pro rata share of the corporation’s net income or loss which is taxable by Wisconsin. This includes your pro rata share of the corporation’s ordinary income or loss, interest and dividend income, capital gains or losses, and other separately stated items of corporate income or expense passed through to you. You may not include the following types of payments you received from the tax-option (S) corporation: • Salary for services you performed for the corporation. • Interest on loans you made to the corporation. • Taxable dividends paid by the corporation. • Rents or royalties from assets you leased to the corporation. • I am a fiscal filer with a taxable year beginning in 2005 and ending in 2006. On my 2005 franchise or income tax return, may I claim credit for sales and use tax paid during my taxable year but after December 31, 2005, on fuel and electri
For purposes of computing the tax imposed on the business operations of the tax-option (S) corporation, the income is limited to your pro rata share of the corporation’s net income or loss which is taxable by Wisconsin. This includes your pro rata share of the corporation’s ordinary income or loss, interest and dividend income, capital gains or losses, and other separately stated items of corporate income or expense passed through to you. You may not include the following types of payments you received from the tax-option (S) corporation: • Salary for services you performed for the corporation. • Interest on loans you made to the corporation. • Taxable dividends paid by the corporation. • Rents or royalties from assets you leased to the corporation. • I am a fiscal filer with a taxable year beginning in 2005 and ending in 2006. On my 2005 franchise or income tax return, may I claim credit for sales and use tax paid during my taxable year but after December 31, 2005, on fuel and electri
