Hello, thanks for a detailed response. I am an active member of the partnership and it is an S corporation. I am reporting a net loss. My understanding is that, as an active member, I am allowed to deduct my losses on the Federal return. Did you mean to say the losses would be differed into the future on my Federal and State Tax return, unless I am reporting active - not passive- income? My other question is - what is reported in the reconciliation amounts.
Thank you
