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The title question was cut off:
How do I properly report gains / losses for an ETF structured as a Limited Partnership where shares were bought and sold in the same tax year and therefore the transactions all reported on your broker 1099 statement?
You are correct. Use the K-1 to report the correct transaction details.
Regarding what was imported and now on Schedule D, adjust the cost basis to match the sales proceeds. This will bring the gain/loss reported to zero on Schedule D so that the tax is only paid once from the Schedule K-1 input.
This way, you will match the IRS forms as received.
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