I'm currently working on a tax return for a client that has this same K-1 that everyone else has commented on. I just noticed that the "adjusted tax basis" on the Built in Gain (BIG) statement provided by the partnership is incorrect. On the Final K-1 that I have from ETP, the "withdrawal & distributions" amount in Section L is less. The difference is the amount in Box 19A from the ETP's Final K-1, which is a partner distribution. This partner distribution is being taxed as a long-term capital gain on "excess distributions" because my client has no "basis" remaining in the ETP shares. This capital gain should not be included in the BIG amount if my client is already being taxed on this money on his 2018 return. Has anyone else noticed this?
