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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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