IRS Form: Draft Form on S Corporation Shareholder Stock, Debt Basis Limitations (IRC §1367)

Oct. 22, 2021, 5:00 AM

Draft Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, released October 21 to be used in figuring a shareholder’s stock and debt basis which replaces a three-part worksheet formerly found in Schedule K-1. Part III of the draft form is used to calculate the shareholders allowable loss and deduction items that helps determine the year end debt basis. [Draft IRS Form 7203 (Dec. 2021)]

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