I have a client who is a small partner (1.48%) in a large construction company. His K-1 this year contained information on IRS Section 163 (J) saying it was not exempt. It said all items related to this computation are shown on the K-1 or disclosed. It showed the share of pass-through business gross receipts for the current year and 3 prior years as well as the excess taxable income (Box 17, Code AA). There is no notation of the amount of business interest deducted to arrive at the shareholders amount of ordinary business income.
I have read the instructions to Form 8990 at least 4 times and think I need the amount of business interest paid to complete the form. Can someone tell me where I am going wrong? I enter the information I have and it does not go to my client's 1040 anywhere. Thanks a lot.
Sue
I have read the instructions to Form 8990 at least 4 times and think I need the amount of business interest paid to complete the form. Can someone tell me where I am going wrong? I enter the information I have and it does not go to my client's 1040 anywhere. Thanks a lot.
Sue