Brian S
Level 1
03-11-2021
11:27 AM
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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
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Employee
03-11-2021
11:28 AM
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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.