TAXMAN Posted August 27, 2020 Report Share Posted August 27, 2020 Help please from my SC friends. TP is a full year nonresident of SC. TP received a 1065 K-1. marked as final. The K-1 of ptrship address is SC. The only 2 entries on the K-1 is Box 9a long term capital gain 51K and 19A distributions of same number. On the SC1065K-1 the same number is in Line 9 Col D.(amounts Allocated to SC). ON my SC form (schedule NR) I am showing this number in Col. B line 7. My understanding from TP this was from a sale of real estate held by the ptrship. My question is can I make use of Line 34(44%reduction) or do I need more info? I have read over line 7 instructions and line 34 instructions and it appears that I can. Please help. many thanks Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted August 28, 2020 Report Share Posted August 28, 2020 I'm not a SC preparer, but I had to research this for a client recently, and I agree with you that this LTCG qualifies for it. If SC disagrees, they'll let you know. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.