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.
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