1120-US: Amounts on Schedule K-1 (FAQ)

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Question

Why doesn’t Schedule K-1 reflect the amounts limited by the shareholder’s basis in the S Corporation?

Answer

Based on the Shareholder’s instructions for Schedule K-1 (Form 1120S), the amounts shown on Schedule K-1 reflect the shareholder’s share of income, loss, deductions, credits, and other items without reference to limitations on losses, credits or other items that may have to be adjusted because of any of the following.

Related topic: 1120-US: Form 1120S - common FAQs

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