The basis is clearly the initial investment $500K, but what is the selling price? Is it the withdrawal plus the ending capital? taxpayer is told that this is her last year in the partnership and she will not receive a K-1 next year.
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"The basis is clearly the initial investment $500K" is incorrect. That was the basis on the day they invested.
"The basis is clearly the initial investment $500K" is incorrect. That was the basis on the day they invested.
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