Report the shareholder share of separately-stated items

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Reference no: EM132193083

The first step in preparation of the shareholder's K-1 is to take financial accounting income (loss) and adjust it to net taxable income (loss). The second step is to break out the net taxable income (loss) into the various separately-stated items of income, deduction, etc. Why do you suppose that flow-through entities must report the shareholder's share of separately-stated items? Why not just report the shareholder's allocation of net taxable income (loss)? Take one separately-stated item and tell us what the limitation is at the shareholder level. For example, Section 179 depreciation expense must be separately stated on the K-1 because the deduction is limited to the shareholder's taxable income.

Reference no: EM132193083

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