1041-US: Long-term capital loss is reported on Schedule K-1, line 11, box B (FAQ)

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The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

Why is the long-term capital loss allocated to the beneficiary reported on Schedule K-1, line 11, box B instead of box C?

Answer

If the beneficiary is a corporate entity, the instructions indicate that both short-term and long-term capital losses are reported together on Schedule K-1, line 11, box B instead of separately in box B and box C. For other beneficiaries, short-term capital losses are reported in box B and long-term capital losses are reported in box C.

Related topic: 1041-US: Schedule K-1 FAQs

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