another k-1

[imjulier]

Still working on some K-1s that I'm just not sure how to handle. I have a statement for box 20, code L called disposition of assets with prior section 179 expense. An example of one of the items has dates purchased and sold of 6/30/02 and 6/1/09, sales price = $0, cost or other basis plus expense of sale = $175, depr allowed or allowable = $106, and section 179 expense dedn previously reported = $50. There are 5 dispostions like this which look kinda similar. I have no idea what to do with this. All I can think to do is to reclaim the section 179 on Sch E because depreciation and g/l may already be in box 1 and box 10. Any thoughts?

Julie

[jklcpa]

Dispositions of property are reported on Form 4797. Here's a link to partners' instructions for Schedule K-1: http://www.irs.gov/instructions/i1065sk1/ch02.html#d0e1878. Click on the link for line 20. Also, the instructions for Form 4797 should help you too.

Code L can also be used for gains and losses from casualties & thefts that would be reported on Form 4684, and for installment sales reported on Form 6252

[imjulier]

Thanks jklcpa....

So, I've reviewed how to do this and read the 4797 instructions (I've sold assets before....just not those reported on the k-1)and from my example above, here's what I'm trying to figure out:

This looks like a $19 loss, right?

For recapture, have I even been given the reclaculated depr? Or is this something I have to figure out?

Thanks again for any help.

Julie