@George4Tacks Thank so much for your comment and the Lacerte article.

Do you agree that there is no “a Reporting a loss” as per the Lacerte article if the 2020 K-1 only has Line 13 Code W-other deductions $40 and Line 20 Code B-Investment expenses $40?

I am asking this because K-1: Part 1 section L-Partner's Capital Account Analysis has Current year net income (loss) in the amount of ($40).

Again thanks for your time!