Final K-1_Ending P'ship capital account_Partnership experts please?

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  • flynfinn
    Junior Member
    • Feb 2014
    • 9

    #1

    Final K-1_Ending P'ship capital account_Partnership experts please?

    I have a client who invested 125K into a pship 1 1/2 years ago, income allocated to him each of the years (as well as distributions), K-1 presents a cap acct of 176k (basically the 1 1/2 income less distributions) on final k-1. Is there any tax treatment here with the ending capital account? I do not know if interests were sold or capital accounts cashed out? Thanks so much in advance!
  • ttbtaxes
    Senior Member
    • Jan 2011
    • 580

    #2
    You have to find out what the facts were. Did the partner receive any distributions during the year or in final distribution?

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