The Purpose of the Schedule K-1 (Form 1120S) Is to Report

The purpose of the Schedule K-1 (Form 1120S) is to report

A) Information for the AAA, PTI, and other adjustment accounts
B) Any tax liability of the S corporation from excessive passive investment income and built-in gains
C) The shareholder's allocation of the distributive items summarized on Schedule K (Form 1120S)
D) Investment tax credit recapture for assets acquired by the corporation when it was operated as a C corporation