jeffmcpa2010
Level 11
04-19-2021
10:08 PM
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If you have unamortized Start Up expenses you still have assets on the books.
You need to deal with that at the partnership level, and it will flow through to the Members.
There should be no gain or loss on the termination at the partner level so when prompted to enter information after checking final k-1 you will enter in the appropriate line (Dont have the program in front of me) 0 for sale price and 0 for basis as well as the allocated gain/loss that is reported on the k=1.