A tax customer has bought out his partner of a partnership return and the return has been filed final. My customer has received his k1 with 13V $146,863 as well as an increase in the partner capital account of the same amount of money. How do I enter this on the tax return?
Most people dont have the lines and codes memorized, what does 13V represent?
Section 743(b) negative adj
I believe line 13V is not entered on the 1040, as it is to inform partner how much to adjust his/her basis
Ok, great. I thought that, but since the information was given I wasn't sure.
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