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- How do I enter IRC Section 751 Changes in Pro Series? I received a supplemental information sheet that shows $8753 of gain subject to recapture as Ordinary Income.
How do I enter IRC Section 751 Changes in Pro Series? I received a supplemental information sheet that shows $8753 of gain subject to recapture as Ordinary Income.
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MyGo2CPA
Level 1
10-04-2021
06:57 PM
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Sale Proceeds are blank
Purchase Price Initial Basis Amt = $8,452.
Cumulative Adjustments to Basis =- $8,308.
Cost basis = $144.
Gain Subject to Recapture as Ordinary income = $5,615.
% Long Term = 94
Cumulative Adjustments to Basis = -$5170.
Gain Subject top recapture as Ordinary Income = $8,753.
Purchase Price Initial Basis Amt = $8,452.
Cumulative Adjustments to Basis =- $8,308.
Cost basis = $144.
Gain Subject to Recapture as Ordinary income = $5,615.
% Long Term = 94
Cumulative Adjustments to Basis = -$5170.
Gain Subject top recapture as Ordinary Income = $8,753.
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2 Comments 2
Taxes-by-Rocky
Level 7
10-04-2021
08:05 PM
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Schedule K-1 Wks-Partnerships or "K1P Addl Info 2" in Forms Bar.
P.S. If you were looking for me to do the math for you, that's definitely not happening. At least not without a signed engagement letter and a check.
Good luck.
Terry53029
Level 14
10-05-2021
01:02 PM
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You would enter 751 gain on 1040 schedule 1 other income line 15B
