Partnership has 3 partners, one owns 52%, the other 2 have 24% each.
I don’t do many partnership returns, the ones I do have are all rinky dink businesses with minimal assets, but this one I inherited from my old boss when he retired.
They liquidated all their assets (they didn’t sell the company, just sold off all the equipment) in Nov 2018 and closed the partnership as of Dec 31 2018.
Assets in 2015 and 2016 (2 pieces of equipt) sold to one person, I can sell those off the asset entry worksheet, they're fairly straightforward
All the other junk purchased from 1996 to 2014, sold to someone else for 1 amount. I guess I need to allocate the sales price as a % to each, ugh!
There’s also one piece of equipment he bought in 1996 that he (the 52% partner) plans to keep personally, how does that work with a partnership?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
thanks! I went ahead and allocated for each...ran through 1/2 roll of adding machine tape LOL some had 179 and some had special depr, wasn't sure if entering them all as one asset would make the program squawk at me when I entered the 179 and special depr totals.