I owned 5% of a S Corp that reported K-1 income of $178,000 from 2011-2014. The company closed in 2015 and I just received a letter from the Trustee that after liquidation there is no money left to pay the balance in my capital account. I paid approximately $30,000 in taxes on those K-1 statements. I'm beyond the 3 years 1040X for normal amendments but as a business loss I understand I can go back 7 years. Do I have 7 years or 3 years to amend?
