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Has anyone tried to type out a Basis Statement there, since any S Corp with disbursements or with a loss MUST attach one?
Yes, this give you a place to put your 1.266-1 Election, even though the form isn't labeled right. But BE CAREFUL - Turbotax will then include a Form 3115 with missing entries.
Don't try to fill these in... it's usually for changing accounting methods as a result of anticipated or ongoing audit. Run an Error Check - you'll see. Instead DELETE the Form 3115 (several pages).
I don't have any solutions but just want to say that I'm in the same boat and extremely disappointed. Disappointed that turbo tax doesn't suggest that you do this. Disappointed that it doesn't have the facilities to do it and efile if you happen to know you need to.
It's been screwing me on this for years now and I just finally realized, as I believe everything @TJRINGER said is correct.
TaxAct does support this. I'm not excited about switching after having years of history in turbotax. I'm considering it though.
Capitalize Carrying Charges IRC Section 266
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