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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: electra who wrote (783)	4/11/1999 10:39:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Electra, If the loss was not shown on the K-1 you could have some sort of buy-out penalty, or syndication fee. The few clubs I've seen cash you out at cost without any hold-back. You can check with the club to verify how much of a penalty you received. To verify it - that number should also be the ending capital account balance. You then report the ending capital account (generally) on Sch D for a USA individual taxpayer, as the cost and a sale price of zero, as ONE example of what might need to be done. Summary: you talk with the club's tax preparer, and then take the info to you own tax advisor who will be appraised of all the facts to determine how to report it. Colin