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Posted by Barbara on October 9, 2007, 8:28 pm
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> Barbara wrote:
>> If a limited partnership sells a property, shouldn't the
>> sale be reported on a 1065 and the gain/loss flow to the
>> partners on a K-1?
>>
>> I have a situation where a Limited Partner received a $60k
>> check after partnership sold last commercial property.
>> However, when Final K-1 was finally received, the cash
>> distribution shows as $1200. I think I should report the
>> $60k as a distribution in excess of basis anyway.
>>
>> Does anyone have any comments on this situation. Any
>> other suggestions on how to handle this? Thanks.
> Naw; unless you have basis reconstructed from day one, you
> can't assume this was "in excess of basis." If you can
> start with original basis and have all the K1's since that
> time, you'll get the true picture.
Well, actually, the partnership was inherited so it wasn't
too hard to track since then. Basis since inheritance is
$28k.
~ Barbara
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