Hello @Mike9241 Thank you for answering my other question. Would appreciate your input here?
I have almost filled up form 8990 and I just need few clarification on some line numbers on 8990 as from which line items of K1 are they?
Q: Box 6 of Form 8990 (Tentative taxable income) is Line 1 - Line 4c of K1 of entity which has produced this Excess Business Interest Expense?
Q: Section 3- Business Interest Income -Box 23. Which Line number of K1 goes here? Line 5 of K1 entity which has produced this 13K expense?
I had sold ET last year so this is Final K1.
I have completed Sch A. and it is lets say showing 43 (i) Current Year excess business interest expense carry forward as lets say $1000
but when complete Section 4, Line 30 (business interest expense deduction allowed) Vs Line 31 Disallowed business interest expense /carry forward. It splits this $1000 lets say as Line 30 = 100 and Line 31 =900
Q: Since I sold ET last year which number ($1000 or Line 31 number) I will be using to adjust Column 5 (cumulative adjustments to basis) in Sales schedule?
Does this Excess business interest expense deduction increase or decrease column 5 number? Lets say my current adj. to basis number is (-11000) and I have this 1000 excess business interest expense deduction. so Now my adjustment to basis will be -11000 + 1000 = -10000?
