Ordinary Income must be entered into the K-1 interview: its the only way to see it moved to form 4797 and reported properly. But to avoid having the K-1 calculate a Cap Gain, you enter $0 for sales and the inverse of the Ord Income as basis (e.g. if Ord Income is 32, enter -32 as basis). You'd do the same on the AMT column.
On the 1099-B, your basis is whatever is reported on the Sales Schedule PLUS the Ord Income.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
