"You may need to attach a Section 1377(a)(2) election statement, too."

PS appears to do the correct allocation - zero loss to the departing SH and 100% loss to the remaining SH. I didn't have to override the K-1. I only had to indicate 0% ownership on the SH information for the departing SH. Also, I was able to change the calculated distribution to the actual amounts of distribution at the bottom of the K-1 worksheet.

Since the effective date was midnight on day one is it still necessary to attach a Sec. 1377(a)(2) election statement?

Thanks.