Reminders

Form 7205, Energy Efficient Commercial Buildings Deduc- tion. This form and its separate instructions are used to claim the section 179D deduction for the cost of energy efficient commercial building property and energy efficient building retrofit property placed in service during the tax year.

Excess business loss limitation. If you report a loss on line 26, 32, 37, or 39 of your Schedule E (Form 1040), you may be subject to a business loss limitation. The disallowed loss resulting from the limitation will not be reflected on line 26, 32, 37, or 39 of your Schedule E. Instead, use Form 461 to

determine the amount of your excess business loss, which will be included as income on Schedule 1 (Form 1040), line 8p. Any disallowed loss resulting from this limitation will be treated as a net operating loss that must be carried forward and deducted in a subsequent year.

See Form 461 and its instructions for details on the excess business loss limitation.

Figuring a shareholder’s stock and debt basis. See Form 7203 and its separate instructions, which have been developed to replace the three-part Worksheet for Figuring a Shareholder’s Stock and Debt Basis and its related instructions formerly found in the Shareholder’s Instructions for Schedule K-1 (Form 1120-S) .