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A side note: It would be nice if K-1 questions come with the clarification whether the K-1 is from 1065, 1120S or 1041...
Anyway, my calculated guess is that, based on your reference of "Line 10(b)", Line 10 of the 1120S K-1 shows a Code B. If so, and the K-1 was properly done, the amount would represent an income from involuntary conversions.
Here, thus spake the IRS on Page 13, Instructions for Schedule K-1 (Form 1120-S) (2020)
Box 10. Other Income (Loss)
Code A ......
Code B. Involuntary conversions.
This is your net loss from involuntary conversions due to casualty or theft. The corporation will give you a statement that shows the amounts to be reported on Form 4684, Casualties and Thefts, line 34, columns (b)(i), (b) (ii), and (c).
If there was a gain (loss) from a casualty or theft to property not used in a trade or business or for income-producing purposes, the corporation will provide you with the information you need to complete Form 4684.
You may need to contact the S Corp. if the info was NOT attached to the K-1 or otherwise provided to the shareholders.
P.S. I hope I'm not barking up the wrong tree. My mind reading skills are seriously being questions in another thread in this forum...
According to @IRonMaN , Kay is 91.23456789% a she....
That's my mother's name. She is a she.
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