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Still, the S Corp is in the active trade or business of property management and should not be treated as a PAL.
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Software is taking Calif NOL carryover to 2020 for this $1 million+ taxpayer. I thought Calif NOL carryovers were suspended for 2020 - 2022.
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Califoria S Corp is ACTIVE, not passive, but LaCerte treats as PAL. Screen 20.2 checks boxes "not a passive activity" and "Real Estate Professional", but the lo...
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Tried to use Screen 1, Misc Info: "Partner's Cap Accts (State Only) with "Tax Basis"....did not work. The California K-1s still show "704(b) capital accounts", ...
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Federal must be Tax Basis, but California S/B 704(b)
