@InLearning
1) Yes. You're a partner in a partnership, so you have to report all the taxable activity of your share in the partnership each year. If taxes are owed, you pay your share whether you sold units or not.
2) Yes. When you sell, your cost basis is adjusted for ALL activity in all prior years.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
