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Business & farm
You do not need to input this figure in your 1040.
This figure is important and is used in maintaining your basis in the investment. This distribution reduces your basis in the investment.
As long as your distributions do not exceed your basis, there is no tax implication.
*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.
Also keep in mind the date of replies, as tax law changes.
‎June 6, 2019
12:04 AM
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