DianeW777
Expert Alumni

Get your taxes done using TurboTax

You are correct in the reporting of your liquidating distributions. I do see that Code L is still active for IRS, however you have the ability to adjust the cost basis so that you can change it to the amount of the distribution which would zero out the loss for this year. Keep track of the basis you have used up so far and until you do receive the final liquidating distribution.

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