Excess Business interest Deduction 163(j) limitation

Technical topics regarding tax preparation.
#1
jon  
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minnesota
Am I correct with the following - pass through entities (includes consolidations of related):

1. If your average annual gross receipts test of section 448(c) and related areas is below $25 million or less in the previous three years there is no calculation required to be reported on the 1065 or 1120S or its K-1s!? Unless an owner requires it. That would be caused by the owner having several pass through(s) to combine?! If one requests it has to be made out for all. (??????) OR following are from 1065 instructions for K-1.

2. 1065 Box 13 Code K Excess business interest expense report the amount here to the partner, then the partner is required to file the 8990???? What happened to the $25 million plus inflation since 2017?? Do we have to calculate using ATI on all pass through(s) no what matter the receipts?

I have left out a lot tax shelter etc, and 2022 unless a change means more will may have to qualify, but at the pass through level for 2021 who has to put amounts on K-1s for Box 13 code K or Box 20 Code N????

thanks
 

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