51844
The following diagnostic is generating:
Form 8990: If the Partnership is not subject to section 163(j) limitations and may have partners that are subject to section 163(j) limitations, the Partnership will need to pass through business interest expense, adjusted taxable income, and business interest income to its partners on Schedule K-1, Other Information. To compute these amounts select the box ""Partners could be subject to section 163(j) limitations"" and enter the applicable amounts in the ""Limitation on Business Interest Expense (8990)"" input screen. NOTE: If the box ""Partners could be subject to section 163(j) limitations"" is selected, Form 8990 will not print with the return. Instead, Form 8990, page 1 prints as a worksheet.
Solution:
https://www.irs.gov/pub/irs-pdf/i8990.pdf Page three has the information for why we would need to still create the worksheet even if the main partnership is not eligible for the Section 163(J) information. After completing Form 8990, the partnership must determine how the deductible business interest expense, excess business interest expense, excess taxable income, and excess business interest income are allocated among the partners. The Worksheets A and B—Determination of Each Partner’s Relevant Section 163(j) Items can be used to determine the amount of each item allocable to each partner. See Proposed Regulations section 1.163(j)-6(f)(2) for additional information on the allocation. Partner. A partner’s excess business interest expense is treated as paid or accrued by the partner in subsequent years to the extent the partner is allocated current year excess taxable income or excess business interest income from the same partnership.
