Should the final K-1 of a departing club member display a
zero in box (Je) of the K-1 "Capital account at end of
year". If so, how do you reflect the amount of any
unrealized loss on the books of the club relative to that
partners account. Thanks for your input.

Yes, Rich. The final K-1 for a partner shows $0.00 at end of year.

At end of year, the software distributes gains and losses to partners
and reports the figure on line 4 of the K-1.
At the moment, I don't have an answer why there's nothing in section J
on our K-1 forms; perhaps it's not required, but I'll look into it..
The software has a balance sheet account for accumulating the unrealized
gains and losses, but it's not used for any other purpose than to
balance the balance sheet, as far as I have been able to tell.

To determine your own gain or loss, I would treat the investment as if I
were buying shares of any other equity... report the unit price paid and
the unit value received when the units are liquidated, the number of
units sold for each of the respective holding periods on Schedule D, and
determine your gain or loss from your own data.

It's not the partnership's responsibility to determine your capital gain
or loss, though the withdrawal distribution report can help provide the
data.

John

Richard wrote:

>Should the final K-1 of a departing club member display a
>zero in box (Je) of the K-1 "Capital account at end of
>year". If so, how do you reflect the amount of any
>unrealized loss on the books of the club relative to that
>partners account. Thanks for your input.
>
>
>