The first limitation is basis reported on IRS form 7203. Then apply the other limitations.
Instructions for Form 7203 page 1 states:
Limitations on Losses, Deductions, and Credits
There are potential limitations on corporate losses that you can deduct on your return. These limitations and the order in which you must apply them are as follows: the basis limitations (Form 7203), the at-risk limitations (Form 6198), the passive activity loss limitations (Form 8582), and the excess business loss limitations (Form 461).
@LXXVII
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