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Get your taxes done using TurboTax
1) There are no negative numbers anywhere on the form.
2) if in any year, the losses reported on Schedule K-1 took your basis below zero. those were "disallowed" and carried forward.
Note that Form 7203 reports your side of the investment. These calculations are not made by the S-Corp; these should come from your historical records.
For more assistance see:
- IRS S Corporation Stock and Debt Basis
- IRS Instructions for Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
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‎April 18, 2022
1:46 PM