K-1 - § 1231 Gain Subject to Unrecapture

Discussion in 'Tax' started by John Baum, Apr 12, 2004.

  1. John Baum

    John Baum Guest

    My K-1 reports the following:

    $784 post 5/6/03 1231 gain
    $3,252 total 1231 gain
    $782 portion of post 5/6/03 1231 gain that is 1250 unrecaptured
    $1,865 portion of total 1231 gain that is 1250 unrecaptured

    It is clear enough how the $1865 flows to line 19 on
    Schedule D. It is also clear that the $784 and $782 are
    probably subsets of the $3,252 and $1,865.

    I think I also understand the following. Were it not for the
    $782 portion of the $784, the latter would be given
    preferential tax treatment as post 5/6/03 gain. Because all
    but $2 of it is 1250 unrecaptured gain, most of it is
    subject to taxation at a higher rate no greater than my
    marginal tax rate (15%.)

    So, I think I have all of the above numbers in the right
    places on Schedule D and its worksheets except for the $782.
    Where does it go?

    Thanks,

    John

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    John Baum, Apr 12, 2004
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