basis for LLC that closed

[sanjoaquinbookkeeper]

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

[Mike9241 · Accepted solution]

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.

[sanjoaquinbookkeeper]

thanks!  let me double check the cumulative sum of k1s.