Business & farm

A couple of comments:

  • Not sure how long you have had this investment, but have you maintained a tax basis schedule?
  • If you have not indicated if this K-1 is associated with an S corporation or a partnership.
  • I am going to assume this is a partnership.
  • Do you have any suspended passive activity losses from this activity?
  • What does your K-1 box L show as beginning of the year capital account?
  • In Part III is there any income reported in any of the boxes?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.