prkwork
Level 4
06-08-2021
04:51 PM
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As far as data problems. all the entry is fine. It's that the worksheet shows a zero ending Adjusted Basis (wrong) and a negative "Adjusted basis used for this calculation". How can any of this be, when the K-1s all show income? Here is one oddity that may give you direction to the solution: The Federal Basis Limitation Worksheet has doubled up the distributions to the owners. "Current distributions of money" shows the correct distribution amount as does "Cash Distribution". Taken together, distributions are double-counted, resulting in a drop of calculated basis to zero.