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PTP purchased and sold in 2020.
k-1 Line 11C = -3767 (Instructions:report on Form 6781)
Short Term @ 40% (-1507) Long Term @ 60% (-2260).
K-1 ownership sales schedule:
700 shares Purchase Price = 3734, Cumulative Adjustments to Basis = -3769,
Cost Basis = -35.
But, brokerage statement, Form 1099B, doesn't agree.
200 shares Proceeds = 558, Cost Basis = 1170.
700 shares Proceeds = 1953, Cost Basis = 3734.
Don't know where the additional 200 shares came from or what adjustments to make on Form 8949.
Any suggestions?
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1. Client can ask the broker about the 200 units.
2. Brokerage firms report original cost as basis. For partnerships, basis actually equals original cost + K-1 income - K-1 deductions & losses - distributions.
The more I know the more I don’t know.