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Old 01-31-2011, 04:46 PM
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Suspended loss missed in prior year

I have a s corp and the first 3 years I had operating losses and then income the last 4 (includling 2010). In reviewing my basis tracking for taking suspended losses I see I might have missed a partial loss allowance in the first year. I had initial basis of $29k and loss of $42k for the year. Should I have taken a part of the loss against the $29k and carried the balance forward? Is this now a lost deduction and does the entire $42k loss still have to be considered as a suspended loss being carried forward even though I never took any of the loss on my return. I've attached my worksheet. Can you comment if I am applying the basis calculation rules correctly.

Thank you.

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