TDCPA
Level 1
01-16-2023
11:26 AM
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property contributed with a built in gain was sold in 2022
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George4Tacks
Level 15
01-16-2023
12:45 PM
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Entering Code AA - Section 704(c) information
Entries into this field show adjustments to the partners' capital account and wouldn't need to be entered into the individual return.
Answers are easy. Questions are hard!
sjrcpa
Level 15
01-16-2023
12:57 PM
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The K-1 should have the built in gain specifically allocated to your client, if he is the one who contributed the property.
The more I know the more I don’t know.
