Code AC. Gross receipts for section 448(c). Use the
gross receipts amount to figure the business interest
expense you can deduct, if applicable. See section 163(j)
and the Instructions for Form 8990 for details.
this amount is supposed to be the average annual gross receipts for the prior 3 years.
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Turbotax is not set up to use that entry nor does Turbotax handle form 8990.
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Form 1120-S, Schedule K-1, line 17, code AC is used to report the gross receipts amount for section 448(c). A shareholder needs this information to help determine if they are required to file the form. filing it would not apply unless this is more than $27 million. However, this relief does not apply if the S-Corp is deemed a tax shelter. Also, aggregation rules, beyond the scope of this thread, may apply.
