Distribution in excess of basis form 7203

[rachel2]

Is there a way to bring back the shareholder basis schedule to alert of distributions in excess of basis, since the Form 7203 does not calculate a negative amount on Line 7 to alert preparers to review for possible income ramifications of this excess distribution on the Form 1040?  Or could a diagnostic be generated in the Form 1120S or the Form 1040 when the Form 7203, Line 7 would be negative, again so the preparer can determine the taxability of this excess distribution. 

[ss12108]

I second this.  It was very helpful to have the basis schedule that reminded us about distributions in excess of basis on the 1120S.  I'm not sure why something like this would be removed.  They could have kept the 7203 AND the old basis schedule.

[amec]

The 7203 is filed with the 1040 only. But a diagnostic for this would be great.

[janstewartcpa]

I would also like the ability to generate Lacerte's "old" basis schedule!! It was way better than the IRS's current Form 7203. The main benefit of the "old" basis schedule was that it showed the line item detail (descriptions and $ amounts) of Other Increases and Other Decreases.