I'm large shareholder in Denver closed C corp involved in real estate ventures since it started in 1965 and changed to S corp in 1998. In 2000, S Corp took out mortgage on a book undervalued apt with mortgage proceeds distributed to shareholders - in addition to normal profit distribution. Our CPA treated this mortgage distribution as dividend, accumulated earnings, placing me in top tax bracket. Considering that these accumulated earnings occurred in many prior years, is there any way to average them to reduce my tax bracket, such a filing ammended back returns? Or any other possible tax stratedgies?rgds,Near Desperate
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