Sorry let me correct that there is no 179 deduction and the line 12 in K-1 is empty. Line 9c is also empty.
Section L reports as
Beginning capital account - 10k
Current year net income - 35k
Withdrawals - 45k
Ending capital account - 0.
I meant to say that in Schedule D which Turbo tax populates in Part 2 (of Schedule D) these two values,
Line 10: Total For all transactions reported on 8949 = 35k
Line 12: Net long term gain from Schedule K1 = 35K
The above is what causing the double counting.
