I have an ordinary carryover loss of ($72,000}. Ordinary income of $76,000. A stock basis before loss and deductions of $329,332. Question? Can the carryover loss be taken this year? If so, where would the loss be reflected on the K-1?
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Can you clarify what kinds of carryover loss this is? And why there is a carryover on the 1120-S (or are you referring to a carryover loss on the individual return)?
Maybe I'm completely wrong, but I can't think of any situation where a S-corporation has a carryover loss - the loss would have already been passed to the shareholders via previous K-1s.
Is the carryover loss due to Basis? Passive rules? At Risk rules? Capital loss? Something else?
Can you clarify the $329,332 of Basis? What does "before loss and deductions" mean? And much are there in "deductions" that would lower that Basis?
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