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Why is the gross income input in Screen 13 flowing to gross farming and fishing income (Box 17 AC) on Schedules K-1?
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Thank you for your courtesy.
This is an S corporation return. The aggregate amounts showing in Box 17AC of the Schedules K-1 tie to gross receipts on Page 1, Form 1120S. But I don't know why they appear there in the first place. In the IRS instructions for Box 17AC, there are a number of references to obscure situations, none of which apply, in addition to "gross farming and fishing income", which does have a line in the K-1 input screen for Box 17AC. But this is not a farming or fishing entity. I double-checked the NAICS code, but it's correctly shown as the service business that it is.
I am going GUESS that you are referring to the 2020
See page 22 of the shareholder instructions for the k-1 https://www.irs.gov/pub/irs-dft/i1120ssk--dft.pdf
Also list of codes on page 24
Code AC. Gross receipts for section 448(c) Use the gross receipts
amount to figure the business interest
expense you can deduct, if
applicable. See section 163(j) and the
Instructions for Form 8990 for details.
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