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§ 7307.10. Limitation on pass-thru of losses to shareholders

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article III. Personal Income Tax (Refs & Annos)
Part IV-a. Pennsylvania S Corporations
72 P.S. § 7307.10
§ 7307.10. Limitation on pass-thru of losses to shareholders
Currentness
(a) The aggregate amount of losses taken into account by a shareholder of a Pennsylvania S corporation under section 307.91 shall not exceed the sum of the adjusted basis of the shareholder's stock in the Pennsylvania S corporation, determined after applying section 307.11(a)2 for the taxable year and the shareholder's adjusted basis of any indebtedness of the Pennsylvania S corporation to the shareholder, determined before applying section 307.11(d) for the taxable year.
(b) There shall be no carryover of losses by the shareholders of the Pennsylvania S corporation.

Credits

1971, March 4, P.L. 6, No. 2, art. III, § 307.10, added 1983, Dec. 23, P.L. 370, No. 90, § 4, effective Jan. 1, 1984.

Footnotes

1
72 P.S. § 7307.9.
2
72 P.S. § 7307.11.
72 P.S. § 7307.10, PA ST 72 P.S. § 7307.10
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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