k-1/withdrawal distributions

mmoriarty on

It was a partial wd. There is a figure in 19a and 19c.

On Thursday 26/03/2015 at 6:28 pm, ira smilovitz wrote:

Was it a partial withdrawal or a full withdrawal? BTW, the entry should be in 19A, not 19C.

Ira Smilovitz

On Thu, Mar 26, 2015 at 5:14 PM, <mmoriarty@crocker.com> wrote:

Can someone explain why the K1 of a member who withdrew funds shows distributions 19C (other property) as the club's cost basis and not the member's cost basis?

Laurie Frederiksen on

Hi Mary,

The clubs basis in the stocks is reported because that is what is required by the instructions for form 1065 and schedule K-1.

The members tax basis is not something that appears anywhere on the clubs partnership tax forms. It is really something the member keeps track of and uses. Our software tracks it for you, so you can use it properly on your personal taxes, but it is not something reported as part of your partnership filings.

The clubs basis in your stocks distributed is correctly reported on line 19C.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

Mail