How to determine partnership basis from K1

[snied]

If we sold the business owned by the partnership at a loss, where on the K1 would I find the numbers to determine partnership basis requested in TurboTax?  Is it from the L Box, which the accountant checked as "tax basis"?  If so, is it the ending capital account number? Or something else?  I'm really confused.  Why doesn't TurboTax tell me where to get this number?

[Hi Palms]

https://ttlc.intuit.com/community/taxes/discussion/re-k-1-disposition-of-partnership-interest/01/854...

[Anonymous]

are you saying the partnership owned a business which it sold or the partnership itself was the business that was sold..

please respond back in this thread so that we can understand what took place.

[snied]

The partnership owned a business that was sold and then the entity was dissolved.

[Rick19744]

In addition to responding to @Anonymous question, it would be good to know the following:

• What type of business entity was owned
• How long was it owned
• How did you handle the purchase on your books and records
• How did you handle any annual updates to your books and records; this will depend on what type of business entity was owned
• How was it sold; stock, assets?

[snied]

Here is a response to your questions:

1. The partnership owned a business which was run by an LLC.  The partnership was me and my husband.

2. 15 years

3. The partnership was formed in order to do business. We invested capital in the LLC.

4. An accountant filed a tax return yearly for the LLC.

5. The accounts and tools were sold to a third party and the LLC had no other assets.  Everything, including liabilities, was transferred to the partners and the LLC filed its final tax return.