Partnership Distribution - Not on K-1

Oct 08, 2007 2 Replies
B

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.



>
>
>
>
>
>
>
>
>
Vote
Twitter Facebook LinkedIn
H

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

Vote
Twitter Facebook LinkedIn
B

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

___________________________________

-----> real address on hobokeni or hobokenx

Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required