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K-1 From Partnership

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Level 1
last updated ‎July 24, 2020 1:30 PM

On Schedule K-1 for  year 2019, there is a new section, Box N - Partner's Share of  Net Unrecognized Section 704(c) Gain or (Loss).  The beginning balance is $100,000.  The ending balance is $400,000.  Where do we enter this information in Lacerte?  
Is this just for informational purposes?  
Does this information need to be reported anywhere on the 1040?

Is this taxable?

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Level 15
last updated ‎July 24, 2020 1:30 PM

Google is your friend:

https://rsmus.com/what-we-do/services/tax/federal-tax/partnership-tax-planning/key-takeaways-for-new...

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
Highlighted
Level 1
last updated ‎July 24, 2020 1:30 PM

Thank you for this info.  A couple follow up questions when preparing the 1040:

1.  On Schedule K-1 for  year 2019, there is a new section, Box N - Partner's Share of  Net Unrecognized Section 704(c) Gain or (Loss).  The beginning balance is $100,000.  The ending balance is $400,000.  Do we need to enter this information in Lacerte when preparing Form 1040?  
Is this just for informational purposes?  
Does this information need to be reported anywhere on the 1040?

2.  Is this taxable on Form 1040?

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