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Business & farm
What about the K-1(1065) received, that has "Capital Account" and "Partner's Share of Liabilities", it is my understanding that these two items added together are your adjusted cost basis? Or does the capital acct. take into consideration return of capital that has occurred while owning? If so, do you not remove that from your cost basis until your basis reaches zero?
‎April 15, 2020
11:46 AM