Instructions For Schedule K-1 (Form 1120s) - Shareholder'S Share Of Income, Deductions, Credits, Etc. - 2017 Page 6
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20Part II—Shareholder Debt Basis
Debt 1
Debt 2
Debt 3
Formal note
Formal note
Formal note
Total
Open account
Open account
Open account
debt
debt
debt
Amount of Debt:
1.
Loan balance at the beginning of the corporation’s tax
year
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
Additional loans (see instructions)
. . . . . . . . . . .
3.
Loan balance before repayment. Combine lines 1 and
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
Principal portion of debt repayment (this line doesn’t
(
)
(
)
(
)
(
)
include interest)
. . . . . . . . . . . . . . . . . . . . . . .
5.
Loan balance at the end of the corporation’s tax year.
Combine lines 3 and 4
. . . . . . . . . . . . . . . . . . .
Adjustments to Debt Basis:
6.
Debt basis at the beginning of the corporation’s tax
year
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Enter the amount, if any, from line 2
. . . . . . . . . .
8.
Debt basis restoration (see instructions)
. . . . . . .
9.
Debt basis before repayment. Combine lines 6, 7, and
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10. Divide line 9 by line 3
. . . . . . . . . . . . . . . . . . .
11. Nontaxable debt repayment. Multiply line 10 by
line 4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. Debt basis before nondeductible expenses and
losses. Subtract line 11 from line 9
. . . . . . . . . . .
13. Nondeductible expenses and oil and gas depletion
deductions in excess of stock basis
. . . . . . . . . .
14. Debt basis before losses and deductions. Subtract
line 13 from line 12. If the result is zero or less,
enter -0-
. . . . . . . . . . . . . . . . . . . . . . . . . . .
15. Allowable losses in excess of stock basis. Enter the
amount from Part III, line 13, column (d)
. . . . . . . .
16. Debt basis at the end of the corporation’s tax
year. Subtract line 15 from line 14. If the result is zero
or less, enter -0-
. . . . . . . . . . . . . . . . . . . . . .
Gain on Loan Repayment:
17. Repayment. Enter the amount from line 4
. . . . . . .
18. Nontaxable repayments. Enter the amount from
line 11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19. Reportable gain. Subtract line 18 from line 17
. . .
-6-
Instructions for Schedule K-1 (Form 1120S) (2017)
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