In 2021 I purchased shares in a Partnership
I sold all my shares in 2023, April due to the complicated nature in filing taxes on the shares
I am trying to calculate the basis:
the Capital Acct. Analysis = K-1 Part II, Line L shows
2021 = Beginning capital acct $ X
Current year net income = + $ Y --> this number is listed on K-1 Line 19 "A"
Withdrawals and distributions - $ Y
Ending capital acct = $ X --> X + Y - Y = X
2022 same as 2021
2023 year of sale =
Begin = $ X - same as 2021
Current year income = + 2023 $ Y Line 19A
Withdrawals and distributions = 2021 $X + 2023 $ Y
End = $0
Is my basis the original 2021 Begin Capital Acct $X ??
or
do I add 2021 + 2022 + 2023 Line 19A / Part II Line L Current Year income
to the basis
Many thanks for your help !
Tom
P.S. Each year the K-1 Part III Line 20 was blank, i.e. no codes
and the Part III Line 4B+C = Part III Line 20 = Part II Line L current year income
