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Business & farm
Thanks for responding!
Thanks for the correction. Distribution is listed under letter A in Box 19 (not 20 as in the title).
What you wrote below is my understanding - "distributions reduce your tax basis or another way to look at them is return of your capital contributions and income earned"
However, if the distribution is accounted for as a return of my capital contribution, then why do I have a long term capital gain in Box 9a?
I thought I don't start paying taxes on gains until 100% of my initial contribution is returned?
It is not a publicly traded company. It's a venture capital fund. Thanks.
‎September 21, 2019
9:36 PM