The sum of the partners' ending basis amounts on all Schedules K-1 equals the partners' ending capital account balance shown on the partnership's Schedule L.

Question

Quizplus · Accepted Answer

The partners' ending basis amounts on Schedules K-1 do not necessarily equal the partners' ending capital account balance on Schedule L, as basis includes liabilities and other adjustments not reflected in the capital account.

The Sum of the Partners' Ending Basis Amounts on All