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Get your taxes done using TurboTax
Part III Shareholder Allowable Loss and Deduction Items reports an Ordinary business Loss on line 35 but the entry is reported as a positive number.
Ordinary business income is reported on Part I Shareholder Stock Basis on line 3a and is also entered as a positive number.
Entering the Part III loss as a negative number would not correctly calculate stock basis or debt basis.
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‎February 20, 2023
8:58 AM