Business & farm

To clarify a couple things before things get more confused:

  • 'Withdrawals and Distributions' in Section L does not have anything to do with the proceeds received from a sale.  It will match the basis of any shares sold, plus any distributions received from the partnership.  The only place that the actual revenue from a sale would show up is on the 1099-B.  So the $173k shown on the 1099-B is unrelated to the 'Withdrawal and Distribution' line.
  • Since the $160,250 shows up on the Schwab K-1 as Capital Contributed, and also shows up on the Schwab 1099-B as 'Cost Basis' for the complete distribution, its safe to assume that any Robinhood activity isn't reflected here.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!