Silly question but what would be the "best" or appropriate way to explain this to the IRS if we got a letter from them? As you said before, my broker incorrectly reported my tax basis to the IRS (box A) because it didn't know and they also didn't provide a corrected 1099B. Do I just explain to them by stating that the schedule K-1 has the correct reporting and should be used instead of the incorrect reporting from the broker (for UVXY ETF only)?
Also my apologies, this isn't my thread but our K-1 is just so similar.
My thread is at https://ttlc.intuit.com/community/taxes/discussion/re-help-filing-final-k-1-form-due-to-trading-uvxy... which I really appreciate you for helping.
