IRS Form 7203 was first used for the 2021 tax return. It replaced the Worksheet for Figuring a Shareholder's Stock and Debt Basis in the Schedule K-1 (1120-S).
IRS Instructions for Form 7203, here, page 1, states:
It may be beneficial for shareholders to complete and retain Form 7203 even for years it is not required to be filed, as this will ensure their bases are consistently maintained year after year.
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