I received a 2018 Schedule K-1 from an estate (1041) in 2019. It says for tax year July 1, 2018 through June 30, 2019.
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Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the year, Jerry's tax basis in his partnership interest was 42,000. His current-year Schedule K-1 reported an ordinary loss of7,000, long-term capital gain of 4,800, qualified dividends of3,800, 2,300 of non-deductible expenses, a28,000 cash contribution, and a reduction of 5,800 in his share of partnership debt. What is Jerry's adjusted basis in his partnership in
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