S Corporation Compliance (Complex)

Beginning basis → + contributions → − distributions → + income items → − nondeductible expenses → − losses

Beginning basis → + income (including tax-exempt) → + contributions → − distributions → − nondeductible expenses → − losses

Beginning basis → + income → − losses → − distributions → + contributions → − nondeductible expenses

Beginning basis → + contributions → + income → − losses → − nondeductible expenses → − distributions