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I am finalizing a personal tax return and my client has 8 or

9 K-1 forms from operating...
I am finalizing a personal tax return and my client has 8 or 9 K-1 forms from operating companies that he owns. One company that i do not prepare issued a K-1 with a line 1 income of $242,089 and a section 179 expense (line 11) of $261,156. The other K-1 forms from the operating companies do reflect a profit of over 100,000. The question is, the section 179 expense is in excess of the income from that operation but not in excess of the total K-1 (1120S) income, is the section 179 expense limited to the income from the operation that generated the deduction (or 242,089) or is the limit increased by the other K-1 forms
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9/6/2017
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
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Experience: Managing Director
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Hello my name is ***** ***** I will be able to assist you today.

The limit of 179 deduction is increased by totaling the net income and losses from all trades and businesses the taxpayer has actively conducted during the year.

Below is from IRS Publication 946

https://www.irs.gov/publications/p946/ch02.html#en_US_2016_publink1000299339

Taxable income. In general, figure taxable income for this purpose by totaling the net income and losses from all trades and businesses you actively conducted during the year. Net income or loss from a trade or business includes the following items.

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Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
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