an individual recieved a k-1 from a 1065. on the k-1 they received line 11...
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an individual recieved a k-1 from a 1065. on the k-1 they received line 11 code E cancellation of debt for the amount of $189,000. will this be twxabke income for the client? will this offset line 1 on k-1 of -102,000 ordinary loss?
if so where wod this income flow to the 1040? schedule e and in what amount?
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