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Author: icesweeper Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Schedule K-1 Date: 2/9/2000 10:45 AM
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My K-1 has me confused. Line 1 shows -10,000 and line 5 -3000 (app). Line 5 is for 1231 loss and STMT is typed in. An attachment says Section 1231 Gains (Losses) and in Description it says From Trade or Business. Don't worry about the losses, it is supposed to show a loss since it is just starting and we have oodles of depreciation, but my question is the line 5 number included in line 1, or is this an additional loss? It is unexpected, we did not have it last year.

My only guess would be that we built a structure in mid 98 and did a Like Kind Exchange with it which closed in Spring 99. Would the 3000 be short term cap loss?

I am not too concerned with the second ?, but an answer to the first would be Greatly appreciated.
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