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Business & farm
You can use form 7203. You can even use the numbers from the final return. Your stock basis consists of all of the money that you invested into the company. That should be reflected on this final form 7203.
Then the sale is entered onto schedule D showing a sale of your interest in the partnership for zero dollars. The cost basis that you will enter on schedule D is the basis that you show on the 7203 which is the loan balance plus any other money you had tied up in the partnership that you never recovered.
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‎January 14, 2025
10:56 AM