Form REV-998 Shareholder Tax Basis in Pa S Corporation Stock Worksheet - Pennsylvania

What Is Form REV-998?

This is a legal form that was released by the Pennsylvania Department of Revenue - a government authority operating within Pennsylvania. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the Form REV-998?A: Form REV-998 is a worksheet used for calculating the shareholder's tax basis in Pennsylvania S corporation stock.

Q: What is a tax basis?A: Tax basis refers to the initial value of an asset for tax purposes.

Q: What is an S corporation?A: An S corporation is a type of business entity that passes through its income, losses, deductions, and credits to its shareholders for federal tax purposes.

Q: Why is calculating tax basis important for a shareholder?A: Calculating tax basis is important for a shareholder to determine their potential tax liability when they sell or dispose of their S corporation stock.

Q: Who needs to use Form REV-998?A: Shareholders of Pennsylvania S corporations who want to calculate their tax basis in the stock of the corporation need to use Form REV-998.

Q: What information is needed to complete Form REV-998?A: To complete Form REV-998, shareholders will need information such as the initial stock basis, annual adjustments, and any stock transactions during the year.

Q: Are there any filing deadlines for Form REV-998?A: Yes, Form REV-998 needs to be filed by the due date of the shareholder's Pennsylvania personal income tax return.

Q: What if I have questions or need help with Form REV-998?A: If you have questions or need help with Form REV-998, you can contact the Pennsylvania Department of Revenue or consult a tax professional.

Q: Is Form REV-998 specific to Pennsylvania?A: Yes, Form REV-998 is specific to Pennsylvania and is used for calculating tax basis in the stock of Pennsylvania S corporations.