Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Partnership distribution in excess of basis
Partnership distribution in excess of basis
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
inquiringminds
Level 1
02-02-2022
02:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
10 partners in partnership - 4 partners receive distributions in excess of basis so 4 partners have capital gain distributions - in Proseries we report capital gain distributions for the 4 partners on schedule D and on schedule K line 9a with a special allocation code and on the 4 partners' schedule K-1s as capital gain. Is that correct?
The distributions in excess of basis for the 4 partners reduces the capital accounts of all 10 partners in proseries - is that correct?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
02-02-2022
02:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There is nowhere on a 1065 or the K-1s to report distributions in excess of basis.
The partners report on their tax returns as a capital gain.
Since I'm also nice, I will put a note on the K-1 saying you appear to have distributions in excess of basis. Consult your tax advisor.
The more I know, the more I don't know.
