Answering your questions:
- The Section 754 depreciation allocated to you should just be netted with the amount in box 1.
- Not sure what is going on with the business interest, but there is a note to see the footnotes. Is there nothing else noted in the footnotes regarding this?
- The interest expense allocated to debt financed distributions. You at some point in time were allocated a distribution from borrowed funds. Your ability to deduct this interest expense depends on how you spent those funds; If you invested the funds in a stock, then this would be investment interest expense, if you just spent the money, then no deduction, etc. The ability to deduct this is based on what the IRS calls the tracing rules which are noted in my two examples.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
