With the limited details provided, this is what I see:
- Prior year basis $140,922
- Reduce that by the liabilities that are no longer considered basis and you get ($28,763)
- Add current year decrease of $13,447 and you get ($42,210)
- Add in other increase of $42,211 and you get $1 tax basis
- Looks like you received $1 in distributions (selling price)
- So $1 tax basis and $1 selling price arrives at a zero gain.
- Enter all this into TT and the above should be reflected on form 8949 and then Schedule D.
*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.
