it wasn't obvious from the original post that this was soNo, it wasn't. I should have posted more information, but what you said (that LTCG rate might apply) didn't occur to me. I didn't look until you mentioned it (he said sheepishly...)the computer should reach the same conclusionActually, I would find it remarkable if it did. Or perhaps I should put it this way - it would be most remarkable if I did it correctly. This was one of those nutty "Substitute K-1s" that oil/gas pipeline partnerships distribute to their victims, showing all kinds of odd things like net ordinary income (almost always a loss), net section 1231 gain, investment income, gross receipts, AMT depreciation adjustment, oil recovery tax credit, etc. It just goes on and on. The saving grace is that they tell you to put this number on Sch E Part II, that number on form 4797, another number on Form 4952, and so on. In doing this (for three of these miserable things) I ran out of patience trying to understand what they were doing, and why. In any case, the corrections made were to "net ordinary income" (which increased) and "cumulative adjustments to basis" - which was used in a very roundabout way to calculate capital gain. It certainly wasn't obvious to me, until I went thru the spreadsheets and reconstructed what I did last year, that it would come out a wash.Well, thanks for the advice. I'll leave it for now, and perhaps do something about it when I have more time. Lorenzo
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