Thank you for that first answer. Regarding: "If there is a loss from a partnership, the amount of the loss
that may be claimed by the S corporation is subject to the basis
limitations." To confirm. If my S corp basis in the partnerhsip is sufficient to claim the loss then I can take the loss in the 1120s or I can take as much loss up to my s corp basis in the partnership, correct? Does the partnership loss/income impact my 'personal' basis in my s corp? I assume yes as "Other Income or Loss" on from 7203. However I assume each basis limit is individually tracked. The s corp basis in the partnership and then my personal basis in the s corp taking into account items of income/loss. Thank you.
