Shareholder Basis Worksheet: losses and deductions included in the basis limitation
The losses and deductions are stated in Internal Revenue Code (IRC) Sections 1366(a)(1)(A) and 1366(a)(1)(B). The shareholder's distributive share of these losses appears on the shareholders Form 1120S, Schedule K-1. All items listed, including charitable contributions and foreign taxes, are used in calculating the limitation of losses.
