Can someone please assist me...I am preparing the tax return of an investment partnership and I have encountered 3 areas where I am unsure. My questions are,
1) Why would the distribution amount on line 19 be different from the amount reflected on the partner's capital account--withdrawals & distributions section L on the K-1? I have approx. 30 K-1s but only one is not matching.
2)Is there anything extra I have to do when there is a built-in gain or loss noted on the K-1?
3)How is the current year increase(decrease) in section L of the K-1 calculated?
Thank you in advance for your answer(s) to these questions.
1) Why would the distribution amount on line 19 be different from the amount reflected on the partner's capital account--withdrawals & distributions section L on the K-1? I have approx. 30 K-1s but only one is not matching.
2)Is there anything extra I have to do when there is a built-in gain or loss noted on the K-1?
3)How is the current year increase(decrease) in section L of the K-1 calculated?
Thank you in advance for your answer(s) to these questions.
