n3stefaniak
Level 1
04-20-2024
11:36 AM
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The $60,571 was the capital account at the time that the partnership went bust. I get that that is how the custodian wants to wash its hands of the mess by using that number. But it is not the FMV of distribution & I am unable to get the software to recognize that lesser number for tax calculations in the return. Whatever I input into the taxable amount field is ignored - the gross distribution is treated as the taxable distribution.