Cashflow neutral tax transactions
I have ownership in a pass-through entity that I'm trying to account for in ESPlanner and want to be sure I have my methodology correct with receipts/expenses and tax category. Typically I receive a non-taxable distribution and then account for the various deductions/gains in my taxes - but they are cash neutral. Here's the typical:
1.) Tax-neutral distributions - I believe should be recorded as Special Receipts, not tax related;
2.) Pass-through, 1231 loss, which is treated as an ordinary loss and cash-neutral - would this be a special expense/excludable from AGI? And to keep it cash neutral, also record a special receipt/not taxable for the same amount?
3.) Pass-through, 1231 gain, which is treated as a long-term capital gain and cash-neutral - be recorded as a special receipt/taxable at capital gains. And to keep it cash neutral, also record a special expense/not taxable to offset the cash flow;
4.) "Other" pass-through deductions, cash-neutral - be recorded as special expense/tax deductable and an offsetting Special Receipt/not taxable to offset the cash flow.
Do I have these correct?
And a related question, I'm interpreting the "tax deductible" option as below the line and "excludable from AGI" as above the line. Is that correct?
I very much appreciate the help!