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Business & farm
I have an identical situation. Thank you for your clear description.
You mentioned that the negative number (potentially) enters into another tax calculation. I live in California. The positive amount is included in both Federal and California taxable income, but I believe that the negative on Line 14 of the K1 (code H) should enter the California CA Adjustment form, and offset the income. Can anyone confirm this is true?
You mentioned that the negative number (potentially) enters into another tax calculation. I live in California. The positive amount is included in both Federal and California taxable income, but I believe that the negative on Line 14 of the K1 (code H) should enter the California CA Adjustment form, and offset the income. Can anyone confirm this is true?
‎June 7, 2019
3:38 PM