In 2022 I invested $40,000 in a startup. The business lost money every year and I received the Final K1 in 2024. The distribution will be in 2025.
Two questions:
How do I calculate the Basis for 2024 for regular and AMT ?
TT asks for a number for Box 20, Code Z but there is more than one? Which number does TT want?
See data from the K1's below:
L Partners Capital Account Analysis 2022 2023 2024
Beginning Capital Account 40,000 27,094 17604
Current Net income -12,906 -9490 -11,790
Withdrawals and Distributions 1,082
Ending Capital Account 27,094 17,604 4732
2024 k1 Part III
Box 1 Ordinary business income= -8,869
Box 2 Net rental real estate income = 240
Box 9a Net long term capital gain = 2,492
Box 10 Net section 1231 gain = -5,500
Box 13 Other deductions = 1
Box 14 Self employment earnings = 0
Box 17 AMT = 16
Box 18 C =172
Box 19 Distributions = 1082
Box 20 N = 8,869
Box 20 Z see below
