Instructions For Schedule K-1 (Form 1120s) - Shareholder'S Share Of Income, Deductions, Credits, Etc. - 2017 Page 7
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20If debt basis, as reported on Part II,
Part III. Allowable Loss and
Column (b). Enter any loss or
line 14, is greater than column (a) plus
Deduction Items
deduction items disallowed due to
column (b) minus column (c), line 13,
basis limitations in prior years that
The corporate losses and other
enter column (a) plus column (b)
were carried forward.
deduction items are limited to the sum
minus column (c), in column (d) for
of your stock and debt basis. When
Column (c). If Part I, line 10, is zero,
each line item. If debt basis, as
stock and debt basis is insufficient,
skip column (c).
reported on Part II, line 14, is less than
and there is more than one type of
column (a) plus column (b) minus
If stock basis, as reported on Part I,
loss or deduction item that reduces
line 10, is greater than the sum of
column (c), line 13, enter the pro rata
basis, the amounts allowed as a loss
amount on the corresponding line in
column (a) and column (b), line 13,
or deduction are allocated on a pro
enter the sum of each line for column
column (d). The total allocation
rata basis. See Regulations sections
amount reported in column (d),
(a) plus column (b) in column (c). If
1.1366-2(a)(4) and (5).
stock basis, as reported on Part I,
line 13, can’t exceed the amount
line 10, is less than the sum of column
reported on Part II, line 14.
Loss and deductions in excess of
(a) and column (b), line 13, enter the
The allowable losses and
basis are suspended and carried
pro rata amount on the corresponding
deductions from columns (c) and (d)
forward indefinitely and the character
line in column (c). The total allocation
should be reported on the appropriate
of the loss and deduction items is
amount reported in column (c),
areas of your return (subject to any
retained.
line 13, can’t exceed the amount
additional limitations).
reported on Part I, line 10.
Part III shows the pro rata
Column (e). If the sum of column (a)
allocation and tracks any loss or
Column (d). If Part II, line 14, is zero,
plus (b) exceeds the sum of column
deduction carryforward.
skip column (d).
(c) plus (d), enter the excess in
Column (a). Enter the loss and
If column (c), line 13, is less than
column (e) for each line item. If you
deduction amounts for each item as
Part I, line 10, skip column (d).
disposed of all your stock, see
reported on your Schedule K-1.
Regulations section 1.1366-2(a)(6).
Part III—Allowable Loss and Deduction Items
(b) Carryover
(a) Current year
amounts (column
(c) Allowable loss
(d) Allowable loss
(e) Carryover
losses and
(e)) from the
from stock basis
from debt basis
amounts
deductions
previous year
1.
Ordinary business loss
. . . . . . . . .
2.
Net rental real estate loss
. . . . . . . .
3.
Other net rental loss
. . . . . . . . . . .
4.
Net capital loss
. . . . . . . . . . . . . .
5.
Net section 1231 loss
. . . . . . . . . .
6.
Other loss
. . . . . . . . . . . . . . . . .
7.
Section 179 deductions
. . . . . . . . .
8.
Charitable contributions
. . . . . . . . .
9.
Investment interest expense
. . . . . .
10. Section 59(e)(2) expenditures
. . . . .
11. Other deductions
. . . . . . . . . . . . .
12. Foreign taxes paid or accrued
. . . . .
13. Total Loss. Combine lines 1 through 12
for each column. Enter the total loss in
column (c) on line 11 of Part I and enter
the total loss in column (d) on line 15 of
Part II
. . . . . . . . . . . . . . . . . . . .
-7-
Instructions for Schedule K-1 (Form 1120S) (2017)
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