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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.
‎June 6, 2019
10:15 AM