Yes.
Code L. Recapture of section 179 deduction.
The corporation will report your share of any recapture of section 179 expense deduction if business use of any property for which the section 179 expense deduction was passed through to shareholders dropped to 50% or less before the end of the recapture period. If this occurs, the corporation must provide the following information.
- Your share of the depreciation allowed or allowable (not including the section 179 expense deduction).
- Your share of the section 179 expense deduction (if any) passed through for the property and the corporation's tax year(s) in which the amount was passed through. Reduce this amount by the portion, if any, of your unused (carryover) section 179 expense deduction for this property.
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Shareholder's Instructions for Schedule K-1
