K-1 help please I was a 20% partner in an LLP for years. In 2014 I sold all interest in that LLP. It is not a PTP. Do I have to list the money I was bought out with separately on my return? I received a K-1 showing the sale information. It shows:
Beginning capitol account: 58,946
Capitol contributed: 0
Current year increase/decrease: 0
Withdrawls & distributions: (58,946)
Ending capitol account: 0
all boxes 1-20 are empty except 19, it shows: C* STMT
on the statement it shows:
Transfer of Captiol Adjusted basis: 58,946 Fair market value: (blank)
I have always prided myself in filing my own returns but this has me confused this year.
thanks for any help |