Please help with opinions on the following because I want to make sure that the preparer of the 1065 and the corresponding K-1 filled the K-1 out correctly. It may be correct but I want to be sure.
Part 2, L, BC Account $11,880
Cur Yr Incr 20,334
W/D 35,470
End C A -3,256
Part 3, Box 1, $20,375
Box 14, A 20,375
C 45,965
Box 18 C 41
So 2 questions,
was the person considered to have exceeded his basis and there is potential cap gain or not,
and whether Box 19 is supposed to have a figure in it (Code A), if cash distribution was presumably made to partner, which my client said "I took money out for my use."
Thanks.
rfk
Part 2, L, BC Account $11,880
Cur Yr Incr 20,334
W/D 35,470
End C A -3,256
Part 3, Box 1, $20,375
Box 14, A 20,375
C 45,965
Box 18 C 41
So 2 questions,
was the person considered to have exceeded his basis and there is potential cap gain or not,
and whether Box 19 is supposed to have a figure in it (Code A), if cash distribution was presumably made to partner, which my client said "I took money out for my use."
Thanks.
rfk