Ending Capital Account Balance - Final Liquidating Distribution - Syndication Costs

04-02-2005, 03:28 AM

"baumgrenze" <baumgrenze[at]yahoo.com> wrote:

- quote -

> A cable TV partnership which I purchased in 1986 finally
> liquidated in 2004. I find the following statement in the
> notes for the the final K-1.
> "You may have a potential deduction equal to your remaining
> partnership tax basis after the final liquidating
> distribution from the partnership. If you are an original
> partner, your ending capital account balance would reflect
> your share of partnership syndication costs that can be
> deducted this year."
> I am an original partner. The ending capital account balance
> is $969.47. I have no capital gains for 2004.
> 1) Can this loss be included in my 2004 income taxes?
> 2) If so, I assume that it goes on Schedule D. But on which
> line?

Long-term loss.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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#-1 04-01-2005, 06:49 AM

A cable TV partnership which I purchased in 1986 finally
liquidated in 2004. I find the following statement in the
notes for the the final K-1.

"You may have a potential deduction equal to your remaining
partnership tax basis after the final liquidating
distribution from the partnership. If you are an original
partner, your ending capital account balance would reflect
your share of partnership syndication costs that can be
deducted this year."

I am an original partner. The ending capital account balance
is $969.47. I have no capital gains for 2004.

1) Can this loss be included in my 2004 income taxes?

2) If so, I assume that it goes on Schedule D. But on which
line?

Thanks,

Baumgrenze

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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