For documentation of revoked S elections, you'd typically find this in the corporation's tax files as Form 1120S would show the final year of S status, and there should be a Form 1120 filed for any C Corp years. However, if the records are incomplete, you can request a transcript from the IRS using Form 4506-T to get the filing history. Regarding built-in gains tracking - corporations are absolutely required to maintain this documentation per Reg. 1.1374-8, but you're right that many don't do it properly or at all. If the documentation is missing or incomplete, you'll need to reconstruct it using: - Asset records and depreciation schedules from the S election date - Appraisals if they were done at the time of election - Financial statements closest to the S election date - Any available fair market value data from that time period If you can't reasonably reconstruct the built-in gains amount, the IRS may take the position that all gains are subject to the built-in gains tax, which is obviously not favorable. This is another reason why having an experienced practitioner review is crucial - they may know alternative approaches or have dealt with similar incomplete records situations. For your original S Corp stock sale, make sure to document your research process even if you conclude Section 1374 doesn't apply. The IRS likes to see that you considered all applicable provisions, especially in complex transactions like this one.

For comprehensive guidance on S Corp stock sales with installment components, I'd recommend starting with these key IRS resources: **Primary Publications:** - Publication 537 (Installment Sales) - covers the mechanics of installment sale reporting - Publication 542 (Corporations) - has specific sections on S Corp distributions and sales - Instructions for Form 6252 - detailed guidance on installment sale reporting requirements **Critical Code Sections & Regulations:** - IRC Section 453 and related regulations for installment sales - IRC Section 1367 for S Corp basis adjustments - Reg. 1.1368-1 through 1.1368-3 for S Corp distributions and basis rules - Rev. Rul. 89-7 specifically addresses S Corp stock sales with installment features **Additional Resources:** - PLR 200927013 provides guidance on mid-year S Corp stock sales and basis calculations - TAM 200733023 covers similar issues with installment reporting One thing I haven't seen mentioned yet in this thread is the potential need for a Section 453(d) election if the selling shareholder wants to opt out of installment treatment for any portion of the sale. This might be relevant if they want to accelerate recognition of losses to offset other gains. Also, don't overlook the potential applicability of Section 1202 qualified small business stock exclusion - if this S Corp meets the requirements, the selling shareholder might be eligible for significant gain exclusion on the stock portion of the sale. The complexity of your transaction really highlights why thorough documentation and research is so critical in S Corp dispositions!

Welcome to the community! This thread has been incredibly educational - I'm new to rideshare driving and had the exact same confusion about vehicle deductions. Started driving for Uber about 2 months ago and my tax prep software was also showing that actual expenses would give me a much bigger deduction. Reading through everyone's explanations about depreciation recapture has been eye-opening. I had no idea that claiming depreciation could create tax problems later when you stop using the vehicle for business or sell it. The point about being "locked in" to actual expenses forever for that vehicle is also something I never would have considered. As a newcomer to both this community and gig driving, I really appreciate how experienced members have shared practical insights that go way beyond what you'd find in basic tax guides. The hidden complexities around depreciation recapture, record-keeping requirements, and long-term flexibility make a strong case for standard mileage, especially for those of us just starting out or driving part-time. This discussion has convinced me to go with standard mileage for my situation. Better to take the simpler, cleaner deduction and avoid potential headaches down the road. Thanks everyone for helping newcomers navigate these tricky tax decisions!

As someone who's been through this exact scenario, I want to echo what others have said about standard mileage being the right choice for your situation. I drove for Uber for about 8 months a few years back and made the mistake of choosing actual expenses because the immediate deduction looked so much better. Fast forward to when I sold my car two years later - I got hit with depreciation recapture that cost me over $1,200 in additional taxes. What seemed like a smart move to maximize my deductions ended up costing me more in the long run. For someone who only drove 4K miles over 6 months and doesn't plan to continue, you're in the perfect scenario for standard mileage. That $2,680 deduction (at $0.67/mile) is clean, straightforward, and won't create any surprises down the road. Plus, you avoid all the complex record-keeping requirements that come with actual expenses. The tax software showing actual expenses as "better" is only looking at year one. It can't predict the depreciation recapture headaches you'll face later. Trust the experienced voices in this thread - sometimes the smaller, cleaner deduction is the much smarter long-term choice. Take the standard mileage rate and sleep well knowing you won't have any tax complications when you eventually sell your 2019 vehicle!

There's no statute of limitations on filing tax returns when you owe money, so you can file those back returns anytime. The IRS typically has 3 years to assess additional taxes after you file, but if you never filed at all, that clock never starts ticking. The good news is that if you're owed refunds (which is possible if you had any tax withholding), you only have 3 years from the original due date to claim those refunds. The IRS often doesn't notice missing returns for small amounts of income, especially for dependents, but it's always better to be proactive. When you do file those back returns, include a brief letter explaining that you weren't aware of the filing requirement for scholarship income but are now voluntarily filing to comply. This shows good faith and can help if there are any penalties. For your textbook and lab equipment receipts, make sure they were truly required for your courses and not just recommended. Required textbooks, lab fees, and equipment mandated by your syllabus all count as qualified educational expenses that can reduce your taxable scholarship amount. Even things like required software or specialized calculators for specific classes can qualify.

I'm glad to see so many people sharing helpful information here! As someone who works in tax preparation, I want to emphasize a few key points for students dealing with scholarship taxes: First, don't panic if you've missed filing in previous years - the IRS understands that scholarship tax rules are confusing for students. The key is to be proactive now that you know about the requirement. Second, make sure you understand the difference between "qualified educational expenses" (tuition, required fees, required books/supplies) and everything else. Room, board, transportation, and personal expenses all make scholarship money taxable, even if the school calls it "educational support." Third, if you're filing back returns, consider using Form 1040X (Amended Return) if the IRS has already processed a return for those years where your parents claimed you as a dependent but you didn't file your own return. This ensures everything matches up properly in their system. Finally, keep detailed records going forward! Save all your financial aid award letters, 1098-T forms, receipts for required educational expenses, and bank statements showing how scholarship funds were used. This documentation will be invaluable if you're ever audited or need to file amended returns. The scholarship tax rules trip up thousands of students every year, so you're definitely not alone in this situation!

I went through this nightmare last year and it was so stressful! My deposit got rejected in late March and I didn't get my check until mid-April - about 3 weeks total. The worst part is SBTPG's terrible communication - their website barely updates and calling them is like trying to reach aliens on Mars. Here's what actually helped me: I kept a daily log of checking their website status, made sure my tax preparer confirmed my address was current with SBTPG, and most importantly - I watched my mail like a hawk because that check really does look like total junk mail when it arrives. Almost threw mine in the trash! The fees they deduct are annoying but expected. Just hang in there - I know $3,450 tied up when you have bills due is absolutely anxiety-inducing, but it WILL come through. This system is broken but it does eventually work. Next year I'm definitely paying my prep fees upfront to skip this whole SBTPG mess entirely!

I'm going through the exact same thing right now! Filed in March and just discovered my refund went to an account I closed in January. The anxiety of not knowing where your money is or when you'll get it is terrible, especially when you're counting on it for bills like you are. From everything I've read here and my own research, it sounds like you're looking at about 2-3 weeks total once the bank rejects the deposit. The most frustrating part is SBTPG's terrible communication - their website updates are super slow and their phone system is basically useless. I've been checking their website daily since finding out, and like others mentioned, make sure your tax preparer has your current address on file. Also definitely keep an eye out for that plain envelope everyone's warning about - I would have totally thrown that away thinking it was junk mail! This whole situation has convinced me to pay prep fees upfront next year to avoid SBTPG entirely. The IRS direct deposit system isn't perfect but at least you're not dealing with a third party middleman. Hang in there - sounds like the money does eventually come through, it's just a stressful waiting game!

Have you checked your bank account for deposits? If they paid you by direct deposit or you deposited checks, you should be able to see exactly how much you made there.

If they paid you cash and you're trying to reconstruct the exact amount, another approach is to look at your work schedule if you kept any record of it. Even something as simple as text messages to friends about your work shifts or calendar entries can help you calculate the total. Since you mentioned working "about three weekends" as a hostess, try to remember your hourly rate and approximate hours per shift. Most hostess positions pay minimum wage plus tips. If you can recall your hourly wage, multiply that by your estimated hours worked to get your base pay, then add any tips you remember receiving. The IRS cares more about you making a good faith effort to report all income accurately than having perfect documentation, especially in situations like this where the employer is no longer available to provide proper forms.