Question about basis - LLC - both partners contributed $10k each, k-1 income/loss received over the years is ($663) loss, decided to close and liquidate remaining cash of $10,495 to each partner. Received final k1
What is my basis for my 1040? Please help
good question because 1+1 should make 2 but that's not your case
each partner $10K in
each partner's loss $663 from inception.
thus each partner's tax basis should be $9337 ($10000-$663)
but you say there's $10495 cash available for each partner.
so there is a missing piece of $1158 per partner.
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