linduca1216
Level 7
12-07-2019
07:12 AM
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This was really a merger, but Additional Information Worksheet does not show this as an entry option. Treat as a taxable transaction entering basis and sales price as the same amount?
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sjrcpa
Level 15
12-07-2019
07:12 AM
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Go to their website and get the information on reporting this. It was sent with the K-1.
The more I know the more I don’t know.
linduca1216
Level 7
12-07-2019
07:12 AM
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I see it is considered a "disguised sale" and has no tax consequences, but in ProSeries, I'm not clear as to how to code Final K-1 and Amended K-1 checkboxes since it was neither discontinued or disposed of... Simply mark Final K-1 and nothing else in that section? This appears to solve the error problem..
linduca1216
Level 7
12-07-2019
07:12 AM
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If you mark Final K-1, you will get an error... For filing ignore error notice. Another option is just not to mark Final K-1. At least that is what I'm finding in addition to talking to ProSeries support.
