Yes, you would enter the 1099-B in both places.
- The broker reports the sale as if the investment was not a PTP.
- In order to prevent the double taxation, the sale reported on the 1099-B needs to be adjusted.
- I recommend you adjust the cost basis so that it equals the proceeds. There will be no gain or loss on that transaction, but the reported amounts will agree with amounts reported to IRS.
Source: Expert DavidD66
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