Effective for 2021, the IRS required S corporation shareholders to prepare and attach IRS form 7203 to the taxpayer's form 1040 income tax return to track and report stock and debt basis. Other methods were used prior to that year.
For Schedule K-1 (Form 1120-S), I am not seeing Part III line 35, nor column A or B. Perhaps these are part of attached schedules. Was such an amount reported the previous year?
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