My siblings and I sold our little company this year which was an LLC for a building we owned to another company we operated out of it which was an S-Corp. We inherited both.
Since it was the final K-1 for the building, TT is bringing up a screen asking the date we purchased it and I am assuming that would be the date the deed was signed over to us correct? I am assuming this is for the computation of capital gains tax.
After entering that information, TT brings up another screen in which I have never seen before. (Attached image)
I am not exactly sure where I get the "basis" amount from nor the "Ordinary Gain" or "1250 Gain" they are asking for. And whether these amounts are entered under the "Regular" or "AMT" column.
Can you help me find this information on my K-1 1065 form?
Thanks in advance
