rbynaker
Level 14
12-07-2019
02:03 AM
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https://www.irs.gov/pub/irs-pdf/i1120s.pdf
Bottom of page 23 (it's actually the K-1 instructions, not the 1120S page 3 instructions). It's tied to the passive activity reporting requirements, but in practice, I don't see how you can determine QBI at the activity level without this information being split out and reported.
Edit: Oops, meant to paste the text:
If items of income, loss, deduction, or
credit from more than one activity
(determined for purposes of the passive
activity loss and credit limitations) are
reported on Schedule K-1, the corporation
must provide information separately for
each activity to its shareholders.
Bottom of page 23 (it's actually the K-1 instructions, not the 1120S page 3 instructions). It's tied to the passive activity reporting requirements, but in practice, I don't see how you can determine QBI at the activity level without this information being split out and reported.
Edit: Oops, meant to paste the text:
If items of income, loss, deduction, or
credit from more than one activity
(determined for purposes of the passive
activity loss and credit limitations) are
reported on Schedule K-1, the corporation
must provide information separately for
each activity to its shareholders.