v54
New Member

I have a K1 with a distribution (Box 20) but that amount should be counted towards my initial capital contribution, not counted as a long term capital gain. What do I do?

As mentioned in the title - I have a K1 with a distribution (Box 20) and a corresponding Net long term capital gain (Box 9a) but that shouldn't that long term gain amount be counted towards my initial capital contribution, not counted as a long term capital gain? I shouldn't have to pay taxes on the amount yet right? Or is that a decision made by the GP to not return capital with that amount?