Started a LLC business with another partner in 2013 as a sleeping partner. Invested $45k. Sold partnership interest to the other partner in 2016 for $80k. No distributions or any contribution during these years. 3 years K-1 section shows like this...
$65k 2013 Capital contributed
-$5k - 2013 loss
- $10k - 2014 loss
+11k - 2015 Gain
+15k - 2016 Gain
-76k - 2016 Distribution
0.00 - 2016 Ending Capital
Base on the above calculation, is my partnership basis at $76k and ordinary gain at $11k? I assume the zero ending capital is not my basis? Please advise.
I don't know how the CPA came up with $65k contributed capital and Distribution at $66k when I sold it for $80k. Does it matter with the actual differences? I can't possibly use my numbers now since those were reported back 3 years ago. I never pay attention to all these numbers until I try to figure out my partnership basis.
