@Rick19744 thanks again for further explanation. Your calculation in item 5 does make sense.
I'm not disagreeing with you about my calc and basis being way off. I am fine using the section L numbers.
To correct my calculation, the values I have for basis calc seem to be way different than the section L amounts. I'm arriving at those values trying to use the K1 values in the IRS adj basis worksheet.
It seems it's because I am including the K1 Partner's share of liabilities as noted in Section A - Increases, 3a - 3b (Partner's share of liabilities at the end of the year minus Partner's share of liabilities at the beginning of the year). If I remove the partner liabilities, my spreadsheet calcs match what you sent.
I assume box 10 sect 1231 values increase the basis?
Thanks
