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Carryover from disallowed portion of nondeductible noncapitalized expenses
UltraTax CS/1120 won't carry over the disallowed portion of nondeductible, noncapitalized expenses when you don't make the election under Regulation 1.1367-1(g).
Based on the Form 1120-S Schedule K-1 instructions, the shareholder's basis is decreased (but not below zero) by nondeductible expenses and by the depletion deduction for any oil and gas property held by the corporation. Any remaining amount of the shareholder's basis is then decreased (but not below zero) by all losses and deductions reported on Schedule K-1.
Under Regulation 1.1367-1(g), the shareholder can elect to decrease the basis by all losses and deductions before decreasing the basis by all nondeductible expenses. If you make this election, the disallowed portion of nondeductible, noncapitalized expenses will carry over to the following year. If the election isn't made, the disallowed portion won't carry over to the following year.