@nexchap I was going back over the comments before submitting my taxes. I came across this statement
"- Your basis is your [purchase cost] + [adjustment to basis]. And your TOTAL gain is your [selling revenue] - [your basis]. But that TOTAL gain is split between Ordinary Gain and Capital Gain/Loss. So the Ordinary Gain goes into the K-1, and the Capital Gain/Loss goes into the 1099-B. But to avoid double-counting the Ordinary Gain, the "adjusted basis" you enter on the 1099-B must be adjusted to take the Ordinary Gain out. So that's why the Ordinary Gain is added to the basis, ensuring that what goes on the 1099-B is correct."
The last 2 sentences I found confusing about avoiding double counting the Ordinary Gain by adjusting the "adjusted basis" so I wanted to check my work with you.
For my total sale in 2020 containing ST and LT gains:
Total Gain = Sale Proceeds - (Purchase Price + Cumulative Adjustment to Basis)
Capital Gain = Total Gain - Ordinary Gain
Cost Basis = Sale Proceeds - Capital Gain
Cost Basis is split into LT Basis and ST Basis using % long term given in K-1 Sales Schedule
At this point, I went into the 1099-B worksheet and adjusted the LT Basis and ST Basis by choosing one sale from each category and changing the cost basis by an amount that gives the wanted total LT cost basis and wanted ST cost basis and therefore gives the right Capital Gain. I assume that there is no additional corrections needed for Ordinary Gain because it was subtracted to calculate the Capital Gain.
