I appreciate your candid response. You are correct that the basis schedule has long been required. What has changed is that the IRS is stepping up the enforcement of this requirement and by creating the Form 7203 they are removing the excuse that there was no way to transmit the old style informal basis schedule electronically. The last thing the IRS needs right now are more paper forms which is why they came out with immediate relief for farmers and fishermen who were trying to electronically file by March 1st due to the unique filing rule that applies to them in lieu of paying quarterly estimates. Hopefully, the IRS will see the obvious similar problem that the vast majority of S corporation shareholders will face come April 15th.
Thank you for your reply.
mtzttax
