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Schedule K-1, LLC Partnership

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    Schedule K-1, LLC Partnership

    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
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