Need help. Is a loss caused by bonus depreciation allowed to the shareholder even if they have no stock basis? I am viewing the basis schedule in Lacerte and the K-1 and it is showing the losses/deductions in excess of basis as suspended. If I import the k-1 into the shareholder's return, it is allowing the loss. Is this correct?
I found this article for you:
"Level Up" is a gaming function, not a real life function.