George4Tacks
Level 15

Ideally you should confirm that what is on the K-1 matches the clients actual basis. Generate a basis schedule to confirm there are not deductions in excess of basis and ultimately be able to properly report the gain or loss when the activity terminates. The schedule is not currently required for a 1065, but it is not a bad idea to get in the habit of doing it. The form generated is Federal Basis Limitation Worksheets


Answers are easy. Questions are hard!
0 Cheers