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Ending cap acct $40K. Sale of partnership interest $82K. Cap gain $42K? No hot assets, debt or inventory. "Tax Basis" is checked on K-1.

uhtaxmba
Level 3
 
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sjrcpa
Level 15

Capital account hardly ever equals basis.


Ex-AllStar

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2 Comments 2
sjrcpa
Level 15

Capital account hardly ever equals basis.


Ex-AllStar
George4Tacks
Level 15