Hope you enjoy Lamborghini and thanks for your response.
As you said : Line 7 is most likely zero as well since this would be amounts that are coming from an S Corp or partnership; this is my main question.
My tax form is 1120-S and should file 8881, but this line says : Credit for small employer pension plan startup costs from partnerships and S corporations.
I want to file S-Corp, 1120-S, and line 1 to 5 are about this credit for my S-Corp, so what is line 7 then?
Who knows what is this and when and how or in what case does it have an amount? An example would be greatly perfect.
And I see code C on box 16 on K-1 has same amount of code P on box 13 of K-1! Am I right? Is this as nondeductible Code C ( The nondeductible expenses paid or incurred by the corporation aren't deductible on your tax return. Generally, you must decrease the basis of your stock by this amount)
Why this cost is nondeductible on K-1?
