I'm struggling to get my taxes done and maybe I have worked too long on this
and "can't see the forest because to the trees". Can anyone help?
My treasurer gave me the withdrawl distribution report for club accounting
(everyone did because the club disbanded in 2000).
Here is the key info.
Tax Basis Prior to Distribution $11,440.92
Current Year Earnings/(Loss) $15,564.44
Adjusted Tax Basis $27,095.36
Less Cash (Net Proceeds) $18,489.58
Realized Gain/Loss ($8,605.78)
My treasurer also supplied my with the K-1, which shows:
Net Short-Term Capital Gain 230.98 (Line 4d)
Net Long-Term Capital Gain $15,461.46 (Line 4e(2))
The way I look at this is that I invested $11,440.92 in the club (my paid in
plus earnings). I received $18,489.58 when the final withdrawal was made
from the club, ( my 274.04 units X 67.47 unit value=$18,489.58).
Shouldn't my Long Term Capital Gain I report on Sch D, line 12 be
approximately $7,048.66 ($18,489.58 minus $11,440.92)?
Our club had large gains upon dissolution, but how would that translate into
a realized loss of $8,605.78 as indicated by the withdrawal distribution
report above?
Thanks in advance to any helpful treasurers out there!
Scott Gilbertson
Centennial, CO
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