Thank you Mike. Thanks especially for answering them the way that you did - each question with an answer. That made it easier to know what you were talking about. To be sure that I follow you, here are some amounts from the K-1 sales schedule with sales questions for you to confirm:
Purchase Price 1279
Cumulative adjustments to basis -719
Cost Basis 560
Gain Recapture 840
Adjust for Bonus Depreciation Cumulative Adjustments to Basis -634
Adjust for Bonus Depreciation Gain Recapture 755
So do I report:
Partnership basis = 560 + 840 = 1400
(this amount exceeds the 1279 initial basis amount in box 4 of the sales schedule)
Ordinary Gain = 840
AMT Partnership basis = 1279 - 634 = 645
AMT Ordinary Gain = 755
In addition, all of these entered amounts flow to forms 8949, 4797, 6251?
Do I need to enter adjustments on these forms?
Thank you Mike.
