Your ownership percentage should be on the Schedule K-1, box J (Capital), unless the partnership agreement stipulated something different. If you are unsure, you should contact the tax matters partner.
My K1, which is for a Real Estate Partnership my father left me 40 years ago, states my Capital is 4.25%, but my P/L is 1.6198%. The GP now wants to buy me out and states my ownership is 1.6198%. Not my Capital of 4.25% as stated on my K1 this year.
Can you let me know how this might be right?
Thanks,
DogWick
Your question cannot really be answered in this public forum accurately ... please seek local professional assistance for this issue.
thanks... I was just looking to hear if it were possible to have a 4.25% on the Capital line and a lower number representing my actual % ownership.
Nothing specific...
Thanks again./