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Brian S
Level 1
March 11, 2021
Solved

Sch K-1

  • March 11, 2021
  • 1 reply
  • 8 views

Hello,

My question regards a Schedule K-1 (Form 1120-S) entry on line 17. The letter code is AC with a reference to Section 448 (C). There are numbers for gross receipts for the current year and 3 prior years. Is this just information or do these numbers have to be entered into a tax form?

Thanks,

Brian Schultz

This topic has been closed for replies.
Best answer by sm5463

This information may be required for the shareholder to correctly complete Form 8990, Limitation on Business Interest Expense. More information can be found in the government instructions for Form 8990. 

1 reply

S
sm5463Answer
Level 3
March 11, 2021

This information may be required for the shareholder to correctly complete Form 8990, Limitation on Business Interest Expense. More information can be found in the government instructions for Form 8990. 

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