Business & farm

@taxalex on your questions:

1. You may need to clarify, since you don't specify whether either of them report the correct purchase price.  But possibilities are:
   • The K-1 gets the purchase price from your broker.  If that's wrong, you should correct it.
   • Some brokers make a partial adjustment to your basis.  Distributions that are classified as Return of Capital lower your basis.  Because the broker sees those distributions, some lower your basis accordingly and report that on the 1099-B.  So your 167 disconnect may be the difference between your cumulative adjustments and your distributions.
   • The basis reported by the broker will never be accurate, since they don't get the K-1.  They don't see all those other adjustments.
2. If you enter real numbers on the K-1 sales interview, it will calculate a Capital Gain/Loss AND create a new 1099-B.  Since you already have a 1099-B for this transaction, you have to make sure you don't double-count.  Its simpler to enter 0s and keep the K-1 out of the Capital Gain/Loss calculation.  This thread goes further into the issues, particularly if you ever invest in anything that also declares Ordinary Income on a sale:  https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...