david3
Level 7

I am getting an error indicating I need to mark either a formal note or an open account debt in Part II Section A on the shareholder stock and debt basis limitation worksheet.

The shareholder has stock basis, even after deducting a huge loss, and he has no debt basis. I entered zeroes for the loan balances in Section A and zeroes for the debt basis in Section B hoping that would get rid of the error. The error still appears.

Why is PS requiring one of the debt boxes to be checked when there is no debt? 

What do I need to do to get rid of the error, other than checking the open account debt box?

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