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Business & farm
the answer seems to be here though it is not obvious:
<a rel="nofollow" target="_blank" href="https://www.taxlawforchb.com/2017/09/liquidating-a-partnership-interest-beware-the-effects-of-partne...>
negative capital account seems to indicate capital gains, and that seems to go on the K-1, which also removes the negative capital account entry if their is also a gains entry.
<a rel="nofollow" target="_blank" href="https://www.taxlawforchb.com/2017/09/liquidating-a-partnership-interest-beware-the-effects-of-partne...>
negative capital account seems to indicate capital gains, and that seems to go on the K-1, which also removes the negative capital account entry if their is also a gains entry.
‎June 1, 2019
5:39 PM