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Partnership Distribution - Not on K-1

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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Reply to
Barbara
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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

Reply to
Harlan Lunsford

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

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Reply to
Benjamin Yazersky CPA

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