The requirment to make a separate K-1 for each line of business (Boxes 1,2,3 ) reported on a K-1 for an s-corp has the side effect or generating multiple Form 7203s, one for each (I am working with 2, but I assume it would generate three if there were a need for three virtual K-1s). Obviously, these need to be consolidated to get a single basis for the s-Corp as of year end. Each 7203 shows shows errors if you input data from the 'wrong' virtual K-1, specifically for lines 3a - m, though I am sure other places as well. How can I get a single consolidated Form7203 that incorporates all the necessary fields from both(all) the 'virtual' K-1s created for the same physical one received??? I really need an answer, as October 15 is not far away.
Comment: I have always wondered why this 1 creates many K-1 work-around has survived. It is confusing and places a burden on the user to know more than the government seems to actually require to be reported. A single K-1 worksheet with a column for each line of business (Ordinary, Rental, Other) where there is a real need to subdivide the K-1 data would be SOOO much better for the user.
Thanks.
