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Linn Energy, LLC Message Board

  • porttoport2002 porttoport2002 Apr 4, 2013 3:54 PM Flag

    LINE - Partner's Capital Account Analysis


    What is the Partner's Capital Account Analysis (box L, with Tax Basis box checked) used for? Is this my actual tax basis as of 12-31-2012? Can I use it for calculating gains/losses?

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    • I replied by the reply disappeared.
      Just look at it to see if you are approaching zero basis at which point you need to pay distributions in excess of basis. It doesn't make any difference to your tax return if you enter it.
      You should be able to validate the numbers using your original basis and all the K-1s you received.
      Basis adjusts upwards for positive numbers in boxes 1 to 11,
      Basis adjust downwards for negative numbers
      Basis adjusts downwards for distributions received.
      So you can track your adjsuted basis each year and see whether approaching zero.

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