I have a client that was an llc since 2017. in 2020, the client became a partnership. I would like an excel spreadsheet that will allow me to enter the basis for the client since 2017 and help me determine the inside and outside basis for the client. I am willing to pay for the excel spreadsheet that will make it easier for our team to determine the basis. Here is an example:

2017 Net income 120,000 Single member LLC

2018 Net income 130,000  Single member LLC

2019 Net income 140,000  Single member LLC

2020 Net Income 180,000  2 member partnership LLC  1065

The client is selling the business at the end of the year for 600,000.00

I would like to know:  Does he have a gain?

Do we count the 120,000 + 130,000 + 140,000 + 180,000 = $570,000

Assume he had 50,000 distribution in 2020

If he sells the business for 500,000, will he have a gain of 20,000

Will the net income from 2016 thru 2019 be part of his basis?

Please let me know if I am correct or not.

A