did you refer to the instructions for 8990. I can't see the k-1 so I might provide the wrong info
Line 6. Tentative taxable income. Enter
tentative taxable income computed as
though all of the business interest expense
is otherwise allowable business interest
expense. In figuring tentative taxable
income, consider all other applicable
limitations such as sections 163(f), 267,
basis (sections 704 and 1366), at-risk
(section 465) and passive activity loss
(section 469), and excess business loss
(section 461(l)) limitations prior to inputting
the tentative taxable income amount.
The tentative taxable income of a
partnership or S corporation shall include
both separately and non-separately stated
items. For a partnership, this will generally
be the amount on Form 1065, Analysis of
Net Income (Loss), line 1, Net income
(loss), less guaranteed payments,
Schedule K, line 4c. If adjustments to a
partnership's income or deductions
resulting from section 743(b) basis
adjustments are taken into account in
calculating a partnership's net income
(loss), remove the effects of those
adjustments by adding or subtracting the
income, gain, loss, or deduction resulting
from the section 743(b) basis adjustments.
For an S corporation, this will generally be
the amount on Form 1120-S, Schedule K,
line 18, Income/loss reconciliation.
To compute a partnership's and
partner's ATI, the partnership (not the
partner) takes into account items resulting
from adjustments to property under
section 734(b). See Regulations section
1.163(j)-6(d)(2). However, to compute ATI
or items resulting from adjustments to
property under section 743(b), the partner
(not the partnership) takes into account
such items.
These adjustments are entered on
line 13 (or line 20) of Form 8990
********************************************
Line 23. Current year business interest
income. Enter the amount of business
interest income directly paid to or accrued
by the taxpayer. This does not include
interest income from excepted trades or
businesses.
this info would have to come from the partnership if it has any. there is no specific code for this in box 20
from what I've been able to find on the sales schedule the basis has been reduced by 100% of the interest expense including any EBIE so that the portion you can deduct is added back to basis.
