Laurie P Posted September 19, 2007 Report Posted September 19, 2007 Hi all, I have been struggled with this basis in ATX for an hour now and I am at my wits end. I need help please. Here is the background: Basis @ 12-31-05 $5,045 (all of this represents share of partnership libailities - Orig liability balance was $7,303) For 2006: Share of partnership liability is $14,073 (net increase of $6,770 from 2005 to 2006) Here is what I have calculated (hopefully correct) Beg Basis 5,045 CY change in liab 6,770 Loss/Non deduc (11,377) Basis 12-31-06 438 Now - my problem is I can NOT get ATX to agree to this. On the basis worksheet: Beg basis 5,045 - looks correct Increase of share of liabiliities 14,073 (it looks like it is pulling the $14,073 from Question M on the detail tab WHICH I am pretty sure should be $14,073 that shows up on the K-1) Non-deductible Expense 1,150 - looks correct Loss 10,227 - looks correct Ending Basis 7,741 - incorrect because the liabiity is off by 7,303 (liability as of 12-31-05) Can someone please tell me where to go in ATX to adjust the liability by 7,303? I know it is probably simple but I just can not find it. One other question: I have also a suspended Section 179 loss from 2005 to roll to 2006 which can not be used and needs to flow to 2007 when I am hoping we can use. Where do I enter this carryforward? I tried entering in the "Carryover from PY" but this impacts my basis in CY which i believe is not what I need to do here. Any help is very much appreciated. Thanks, Laurie Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.