Question
Form 1065 Shareholder Basis Calculation for Small Business
Why does the new 1065 Partners Basis Computation not carryforward the prior year Line 21 excess deductions not subject to basis limit and Line 23 distributions in excess of basis. Do we need to enter these manually on the 2023 basis statements or will they no longer be tracked?
The Basis statement is also adding the interest expense to basis on Line 4n and showing as a loss carryforward on Line 15q of the basis statement for a Small business taxpayer. Is this another form that we now need to calculate manually for it to be correct?
