Thanks for all of this nexchap,
I have the same situation (sold S-Corp PTP shares completely, and in my case a mix of 90% long term and 10% short term) and just want to make sure I did it correctly. I hope it is ok if I tag on since the same subject.
Per your instructions I entered 0 for sales price in the K-1 interview, and entered the same only negative values for partnership basis as I had put in the ordinary gain entry. The next page shows all zeros. I entered the box number values as shown on the K-1.
I went to the 1099-B and adjusted the total cost basis by subtracting 90% of the cumulative adjustment to basis figure from my K-1 sales schedule from the total cost basis for long term not reported to IRS and 10% from the short term.
I did not make any other changes. I am reviewing my tax docs now before filing and it is all incomprehensible to me so just hoping it is right.
I am so thankful I found this and other conversations where you have helped out with this issue!
