i don't know what your partnership is invested in. it could get the foreign tax credit from another partnership investment or form a brokerage account. obviously, it's something you entered. it doesn't matter. The AB k-3 will have no effect on the results because there is no foreign income or foreign tax credit.
as explained earlier box 21 on the partner's k-1 is only to be used by the partner for computing tax basis in the partnership. so your partnership should still be generating form k-3 for the Swiss dividends and related FTC and each partner will probably end up receiving the k-3 even though i suspect only the 98% partner will have any numbers on the k-3
i can't tell you whether the $48 is net or not because you haven't told me the source. if it is a brokerage account that would likely be both the gross and net FSI.
evidently, Turbotax has not created the ability to enter the k-3's received from sub-partnerships and then accumulate the data for preparation of your partnership's k-3 but I have never worked with Turbotax business.
your option is to ignore the k-3's from sources that have no effect on the FTC at your partners level or create your own spreadsheet to accumulate the 20 pages of k-3 data from each source and brokerage account. then you would enter that in your partnership's k-3. that is if my understanding is right that Turbotax does not accommodate k-3's at the sub-partnership level.
