I have a small partnership with 2 partners; one partner bought the other out on 03/31/22 for $114K. Capital balance for both partners is approx $50k. The only assets are real estate and A/D. My client is the purchasing partner and the p'ship (which is now a SMLLC). I will do the 745 election but do I need the 743 adjustment?

Do I need to file a short year final return? Do I need to file the 8308?

How do I show the sale (depr recapture) for the departing partner on the K-1?

Trying to do this in ProSeries; any tips much appreciated.

Thanks for any help.