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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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    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.

    uhtaxmba
    Level 3
    ‎12-16-2019 01:09 PM
     
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    sjrcpa
    Level 15
    ‎12-16-2019 01:09 PM

    Capital account hardly ever equals basis.

    The more I know, the more I don't know.

    View solution in original post

    2 Comments 2
    sjrcpa
    Level 15
    ‎12-16-2019 01:09 PM

    Capital account hardly ever equals basis.

    The more I know, the more I don't know.
    George4Tacks
    Level 15
    ‎12-16-2019 01:09 PM

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


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