The 4797 is necessary. The sales schedule, particularly of a partnership and more so of a PTP, may not be up-to-date, and should represent a zero balance if this is a Final K-1 with all interest in the activity disposed of. As to the Cost Basis, if this is being reported on a Form 1099-B to you, the difference in what is being reported to what you originally paid is likely due to the fact that the basis has been reduced, by action of the IRC, when previously disallowed losses are now in this final year allowed, and so reduce the basis.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
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