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Form 1065 - Schedule D-1 ND: What You Should Know

Column I — Enter the net realized capital gain on the sale or exchange of property. Columns J & L — Identify the fair market value of items sold or exchanged  in the prior year and the fair market value of such property at the effective date of this change (based on the  change in the taxpayer's year-end reported basis) in the subsequent year, and report the amount determined on that basis in columns L and M respectively. If the effective date is greater than the last day of July 2013, see column E. This column includes the fair market value on that date plus any capital gain recognized on the change in basis in earlier tax years. If the basis is less than the fair market value on the  effective date, enter the difference in square brackets. (See instructions for Form 8949.). To report sales, exchanges, and other transactions in which you may have made a gain before using this new Schedule K-1, you must have first filled out Form 8949. See Taxation Ruling 73-25, Sales of Assets Held for  Tax Purposes, for more information on these sales. When reporting changes in cost basis, the cost  of property includes the cost of all improvements to the property. In such cases, you do not perform an adjustment to the basis, because the cost of improvements to the property has already been  added to the basis. For changes in the basis, add a part of the gain from the disposition of the  assets and the cost of the improvements to the property to get a loss, which is taken into account in  calculating other income and deductions. The basis of each asset sold or exchanged is increased for  purposes of determining gain and loss and the basis of the assets sold, exchanged, and used for purposes of any property that  was not sold or exchanged. See instructions.

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