Thanks @Mike9241 for detailed answer, really appreciate it.
Line 23 of Form 8990. Does this Business Interest Income comes from any of 20 Boxes? I don't see any Box in 20s labelled as Interest Income or Business Interest Income.
What is Box 5 of k1? It is Labelled as Interest Income. Does any amount is Box 5 of K1 will go to Line 23 of 8990 (assuming there is none in 20s boxes of K1)?
Regarding added back Excess business interest income
Lets say My original basis = 20000
Cumulative Adj to basis = -15000
Gain Subject to recapture as ordinary income = 12000
Excess Business Interest Expense = 1000
New Basis will be 20000 - 15000 + 12000 +1000 = 18000 Is my assumption correct?
Thanks again
