@AliciaP1 I'm also having trouble with Form 7203. We started our S Corp mid year and capitalized it with $1600. It is just my wife and I with 51/49% split. Since then we've funded ongoing expenses on an open book (expense report) basis to the tune of about $7k to year end. We had $0 income.
I'm getting told line 3a (which is 0) "cannot have a gain in Part I and a loss in Part III"
I thought the idea was that Part I is only for gains, and Part III is only for losses? How can that error make sense?
I don't like that it tells me to input only (negative) loss on lines 35-46. I'm an engineer...just tell me to put the actual number value in or tell be to put the absolute value or modulus in the cell. Who thinks these instructions make sense? Anyhow my main problem is understanding the error message above, any help will be much appreciated.
