there are many Blackstone partnerships does your k-1 have the partnerships tax ID number as 20-8875684
then that partnership converted to a C-Corp on 7/1/2019
so then it depends on whether you sold the units before or after the conversion
before the conversion
liabilities should be 0 for end of the year. your tax basis is starts with scheduke L - beginning capital + current year net income - less distributions (box 19a) + ordinary income recapture column 7 of sales scedule.
substitute this for what the 1099-B is using as cost basis line 7a. ( Since this cost basis is not reported to IRS you dont have to mess around with the 7b column
the ordinary income needs to be reported thru the disposition link sales price 9 (line 5) = same as column 7 of sales schedule basis (line 7) = 0 ordinary income (line 9) same as line 5. this will flow to form 4797 page 1 line 10
after conversion theres a worksheet with
lines A original cost from your records
line B prefilled
line C combine linnes A nd B
line D if negatibe you have a capital gain to report and line e becomes 0
Line E Stock basis this is what's used for the 1099-B
