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?
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.
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.
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