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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- QSSB STOCK SALE FOR A PARTNERSHIP
QSSB STOCK SALE FOR A PARTNERSHIP
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hcklau
Level 1
06-03-2024
12:05 PM
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I have a partnership that invested in a QSB stock. Stock was sold and meets all criteria of a QSSB stock sale, therefore no taxable gain for Fed. I am not able to generate the QSB stock code on form 8949. I have already indicate a 1 on the QSB under Sch D on the disposition screen. Please advise.
Thank you.
1 Comment 1
PhoebeRoberts
Level 11
06-03-2024
01:57 PM
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Because the partner needs to meet criteria independently (they have to have been in the partnership long enough, don't remember exact details because it's been a while), I've always seen the details of the QSB transaction included as a footnote on the K-1. 1040 preparer manually backs the QSB stock out of the K-1 reported gain, and enters a second line-item with the QSB stock detail.
