| Shareholder's Instructions for Schedule K-1 (Form 1120S) |
2003 Tax Year |
Shareholder's Instructions for Schedule K-1 (Form 1120S) - Introductory Material
This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
- Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the general tax rates applicable to net capital gains for
individuals have
been reduced. The new gains rates also apply to qualified dividends under the new section 1(h)(11). The new rates apply to
capital gains (including
installment payments) occurring on or after May 6, 2003. The tax rates for qualified dividends apply to dividends received
after December 31, 2002.
Schedules K and K-1 have been redesigned to take into account the shareholders' shares of these gains and dividends.
- The instructions for line 23 of Schedule K-1 have been revised to change how dispositions of property are reported if the
corporation passed
through a section 179 expense deduction to any of its shareholders for the property.
- On page 7, under Supplemental Information, Line 23, item 20, 28% rate gain (loss) and item 21, Qualified 5-year gain were added.
These items were added due to the deletion of these specific line items from Schedule K-1.
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