1065/1120S - Basis for General Business Credit



How do I address note 353? 

 

Note 353 appears in a 1065 or 1120-S return alerting you that an adjustment may be needed due to business credits taken on the return. 

  • On a 1065 return, on each K1 screen > Basis Wks tab on line 8a Nondeductible expenses and credit adjustments.
  • On an 1120-S return, on each K1E screen > Basis Wks tab on line 7a Nondeductible expenses and credit adjustments.