Business & farm

@YSTRBY 

Responses to your follow-up:

  • I can't tell you what the description should be.  As noted previously, this information should be included with your K-1; either in notes to the K-1 or a separate letter that accompanied the K-1.
  • Yes, the amount should be the $515
  • Section L technically represents your tax capital and is most likely close to your tax basis.  You should be focusing on "end of the year" tax capital.  Since you noted this is still positive, then you are "at-risk".
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.