A 25% member sold his partnership interest during the year to a new member. Who gets the K-1? I thought it was the new member on record as of 12/31/2020 but I can't find any literature to support that. Thanks in advance.
Both do.
... So the 75% member gets one as usual. How does the seller and buyer of the 25% interest allocate the remaining 25% share?
One K-1 to the Seller with his 25% share up to date of sale.
2nd K-1 goes to Buyer from date of sale to end of year with his 25% share.
Thank you both!
