@nexchap When I am thinking about the gain "split" as you indicated, I'd like to confirm (again) that the split is achieved in the following two steps:
(1) the recaptured gain is generated via K-1 sales interview (as discussed in previous messages), flow into 4797
(2) the capital gain is still reported via 1099-B: cost basis = adjusted basis (from K1 sale) + recapture gain (K1 sale), then flow into 8949. This step basically reduced the cap gain by the recapture gain amount.
Please kindly let me know if my understanding is correct. Again appreciate your inputs very much.
