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CCH Axcess Tax

K-1 Basis Information

An entry must be made in this section to produce the basis limitation worksheets. A separate Basis Limitation Information section must be completed for each entity subject to the basis rules.

The income (loss) information from the corresponding passthrough entity is used to complete the basis limitation worksheets. Gain (loss) information from sale of related assets entered on Income/Deductions > Gains and Losses > Other Capital Transactions, and Income/Deductions > Gains and Losses > Business Property, Casualties and Thefts sections, and Income/Deductions > Installment Sales (unless the basis code field contains code 2) and Like-Kind Exchanges worksheets are also used if the corresponding passthrough name is entered for that asset.

If the entity has a basis carryover, it should be entered on the Basis Carryovers section.

If the losses from the entity are limited by basis rules, a statement detailing the loss allowed and disallowed by type is produced. The loss is then limited on the appropriate form or schedule.