We bought a nail salon business in December 2019, but never claimed the purchase price as part of the K1 basis for our S-corp income. In 2020, we sold our rental property at a loss from the original purchase price plus capital improvements, so I would like to defer claiming the purchase price until this year - 2021 - as I expect our income to be significantly higher now that the Covid-19 crisis is winding down. Is that permissible under the tax laws?
