Damage was a colloquial term. Sure I will have taxes and I expect to pay them but the convoluted process to attain basis in our case is monumental. We have k-1’s through the years but what was given out to us was the amount to pay our taxes only, while my father used his RE as a personal slush fund. At his death, he had negative equity. We however had a substantial RE balance and the only way we could get access to our RE was to sell out to the managing partners. It wasn’t my preference but the sisters wanted their $. The Corp had to borrow to pay us the RE and the buy out. We were always along for the ride w no say so in the business conduct.
