broc21
New Member

Business & farm

The box checked in (L) is tax basis.  The initial contribution was used to purchase the building, and I remember the amount.  This didnt show up on any tax form, rather it shows my % in the partnership based on initial contribution (7.5%) Over the years there have been varying amounts in the "beginning capital account" entry, which reflected my share of the rent profit which wasn't distributed; but majority of profit was distributed quarterly basis.  thanks for your help.  for gain/loss on sale have no idea of either purchase or sales price, only  what I paid initially & distributed to me post sale.