Mark the checkbox on Schedule E, line 28e
You need to mark the checkbox on Schedule E, line 28e, if you report a loss, receive a distribution, dispose of stock, or receive a loan repayment from an S Corporation.
If any of the following conditions are true, UltraTax CS produces Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, and marks the Schedule E, line 28e checkbox.
- The S Corporation has an aggregate loss or prior year suspended losses deducted on the return.
- You markShares sold or disposed during the yearon the K1 screen.
- You enter amounts in theProperty distributionsorRepayment of loans from shareholdersfields on the K1-5 screen.
- You markCalculate Shareholder Basis Worksheeton the SBasis1 screen.
Refer to the Schedule E instructions for more information on these reporting requirements.
