Page 236 - Large Business IRS Training Guides
P. 236
Current Year BIE Deduction
Step 12: Reconcile Form 8990, Line 30, total current
year business interest expense deduction, to the tax
return, for example, Form 1120, Line 18.
Exam tip: Taxpayers are required to attach a schedule to
Form 8990 that indicates the amount and line item on the
tax return where the business interest expense is being
deducted. Note: IRC §§ 465, 469 and 461(l) apply after
the IRC § 163(j) limitation.
166
