@taxquestions44 I shouldn't math early in the morning. I've edited my post above to fix the error and correctly state the profit. Sorry for the confusion.
I can't really match the numbers to columns in a sales schedule, since the schedules can be different. But the purpose of the example is to show you how to think about the problem. Once you know what the tax law expects / requires, its easier to a) find the info you need on the K-1 and b) make sure that what TT calculates is correct.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
