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uhtaxmba
Level 4
December 16, 2019
Solved

Ending cap acct $40K. Sale of partnership interest $82K. Cap gain $42K? No hot assets, debt or inventory. "Tax Basis" is checked on K-1.

  • December 16, 2019
  • 2 replies
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    Best answer by sjrcpa

    Capital account hardly ever equals basis.

    2 replies

    sjrcpa
    sjrcpaAnswer
    Level 15
    December 16, 2019

    Capital account hardly ever equals basis.

    The more I know the more I don’t know.
      George4Tacks
      George4Tacks
      Level 15
      December 16, 2019

      https://accountants-community.intuit.com/search?filters%5Bcountry%5D=US&filters%5Bdocument_type%5D=Article&filters%5Bproduct_display_name%5D=Lacerte&q=basis has some good articles 

      Answers are easy. Questions are hard!
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