| Final K-1 Partnership basis
Sold my interest in partnership for $100 in 2015. Getting different answers from "pros" on liability (some say cap gains others say ordinary income others say dont know). Any help would be appreciated!!
K1:
From Partner Basis Worksheet:
Beg Adj Basis: 910,000
Share of Liab: 1,648,000
Unrealized Receivables (no payment received) 230,000
Beg Capital Account -2,035,000
Cap contributed during year 2,104,382
Current Year decrease -68,000
From my balancing of past k-1s income, losses, contributions:
Ending tax capital account -739,000 (yes big losses in earlier years)
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