1040-US: Shareholder Basis Worksheet - losses and deductions included in the basis limitation

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What losses and deductions are included in the basis limitation of the shareholder's share of the S Corporation losses and deductions?


The losses and deductions are stated in IRC Sections 1366(a)(1)(A) and 1366(a)(1)(B). The shareholder's distributive share of these losses appears on the shareholders Form 1120S, Schedule K-1. All items listed, including charitable contributions and foreign taxes, are used in calculating the limitation of losses.

Related topic: Partner’s and Shareholder’s Basis Worksheets FAQs (1040)

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