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My client brought me a final Partnership K-1 which shows a beginning capital account of ($53,470), Current year net income (loss) of (31,377) and Other increase (a negative withdrawal of capital) of 84,847 which totals an Ending Capital Account of 0. The sales schedule a few pages back shows the following columns:
1. Units Sold = 1077.5
2. Sale Date = 06/24/21
3. Sales Proceeds = I have sales proceeds from the broker's 1099-B of $5,890.00
4. Purchase Price/Initial Basis Amount = $8,979 This is different than what the broker shows.
5. Cumulative Adjustment to Basis - (93,826)
6. Cost Basis = (84,847) This is supposed to show on Form 8949 Column E
7. Total Gain or Loss is supposed to be #6 minus #3
8. Gain subject to Recapture as Ordinary Income = $82,312 This is supposed to show on form 8949 Column G.
I have entered the 1099-B transaction as shown on the 1099-B but now I need to adjust the numbers to reflect the above information. I have tried every way except the right way to do this in ProSeries! How can I get the negative numbers to appear where they should be??