I sold all my shares in a publicly traded partnership. The brokerage provided 1099-B, but did not list any adjustment to basis. However, the PTP provided a sales worksheet along with their K-1 that lists an "adjustment to basis," as well as "ordinary gain." 1) What is ordinary gain and why am I accounting for it? 2) Were do I account for these adjustments? In the K-1 section of TT or the 1099-B? 3)The adjustment to basis is actually listed as a negative number, and the instructions have me subtracting this from the sales proceeds...which would actually make my proceeds larger. What does a negative adjustment mean and why does it make my gain more?
