Understood and thank you for the detailed explanation. By way of additional information, my tax basis is zero. For the sake of argument, my share of profits is 1%. So if the sales price is 4.6mn, my ratable share of the sales price would be 46k and my basis would be zero. When inputting those figures, TT is generating a substantial further refund. I do have loss carryforwards that can absorb the gain, but I would have thought that would simply leave me in the same position before and after including the sales proceeds. I appreciate that this may have something to do with netting this gain against release of passive losses. Can you think of any other obvious reasons?
