Corporate distributions in excess of the shareholder s stock basis are taxable as a capital gain. A corporation must file Form 5452, Corporate Report of Nondividend Distributions, whenever nontaxable distributions are made to corporate shareholders.
Insurance policy proceeds on life of corporate officer.
Deduction of excess charitable contribution in succeeding corporate taxable year. Deferred gain on installment sale. Long-term contract reported on completed contract method. Intangible drilling costs deducted currently. Mine exploration and development costs deducted currently.