hcklau
Level 1
06-03-2024
12:05 PM
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I have a partnership that invested in a QSB stock. Stock was sold and meets all criteria of a QSSB stock sale, therefore no taxable gain for Fed. I am not able to generate the QSB stock code on form 8949. I have already indicate a 1 on the QSB under Sch D on the disposition screen. Please advise.
Thank you.
Level 11
06-03-2024
01:57 PM
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Because the partner needs to meet criteria independently (they have to have been in the partnership long enough, don't remember exact details because it's been a while), I've always seen the details of the QSB transaction included as a footnote on the K-1. 1040 preparer manually backs the QSB stock out of the K-1 reported gain, and enters a second line-item with the QSB stock detail.