Tax Basis

MARIE L. MURRELL on

Is there a report that can be run that supports the "Members
Adjusted Basis" showing on the Withdrawal Report?

M R Atwell on

If you run the Member Tax Allocations reports for each year of membership,
it will support the values on the Withdrawal report.

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]On Behalf Of MARIE
L. MURRELL
Sent: Thursday, February 12, 2009 12:30 PM
To: club_cafe@bivio.com
Subject: club_cafe: Tax Basis

Is there a report that can be run that supports the "Members
Adjusted Basis" showing on the Withdrawal Report?

Rip West on

Hi Marie,

We have to quit meeting like this during tax season <g>. You should be able to support the figure for the outgoing member's basis by looking at the members' status report and the allocation of earnings report.

Regards,

Rip West
Saint Paul, MN

iras1 on

The members adjusted basis is simply the total of all contributions; allocated income, gains, and expenses; less any previous withdrawals. It includes amounts reported or to be reported on the current year K-1.

Ira Smilovitz

In a message dated 02/12/09 12:29:43 Eastern Standard Time, mmurrell@bivio.com writes:

Is there a report that can be run that supports the "Members
Adjusted Basis" showing on the Withdrawal Report?

MARIE L. MURRELL on

That report supports the tax gain/loss taken for the
selected year, but does not include member contributions.

If I go to "Members" and print out "Transactions", that
report will show member contributions, but no dollar
adjustments for tax gain/loss taken in previous years.

Is there a report that would combine both the contributions
and the tax gain/loss reported each year to arrive a the
amount reported as Adjusted Basis on the Withdrawal Report?

M R Atwell wrote:
> If you run the Member Tax Allocations reports for each year of membership,
> it will support the values on the Withdrawal report.
>

MARIE L. MURRELL on

Rip,

I was secretly hoping you would be there! (grin).

Your suggestions of combing the two reports seems to be the
best idea.

Our club disbanned in 2008 after 18years. I wanted to be
able to support any questions on just how the tax basis was
derived. I understand it consists of contributions, partial
withdrawals, gains, losses, interest, dividends other income
and expenses allocated to the partners through the years. I
was hoping for a detailed report that would show all that
information per member.

Rip West wrote:
> Hi Marie,
>  
> We have to quit meeting like this during tax season <g>. You should
> be able to support the figure for the outgoing member's basis by looking at the
> members' status report and the allocation of earnings report.
>  
> Regards,
>  
> Rip West
> Saint Paul, MN

Mail