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The K-1 says, "The entity is a small business and is exempt from the IRC Sec. 163(J) business interest expense limitation."

The K-1 does not have a Box 20 Code AH.

My specific question is:
What should I do with the Box 13 Code V "Other deductions"? This is a large amount. It is listed as a "Pass-through loss and deduction item" in the calculation of IRC Sec. 163(J) Adjustable Income Calculation.

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You really have to get a better explanation from the tax preparer as to what that number really represents. The number may go nowhere; it may be only supplementary information, to be used in the case that you, personally, were subject to the 163(j) limitation, in which case this could be an additional item for your 1040.
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Can I enter the Box 13 Code V number on Schedule D of our Form 1040X as a long-term capital loss?
Wendy

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Not without better information that it really is a capital loss at the LLC/partnership level, or somehow relates to the dissolution of the LLC. Has that happened? Was this a final return? If so, you may have a gain or loss from that event.

Bill
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