"Barbara" <bvsea[at]value.net> wrote:

- quote -

have you accounted for the gain on the sale of the property?
that would add to your basis

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
- quote -

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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Barbara wrote:

- quote -

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.

ChEAr$,
Harlan Lunsford, EA n LA

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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.

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