Question
How do I close out the balance sheet on a final partnership return
I have 2 partners in a PA LLC, 1 partner is leaving and the other will be continuing as a single member LLC. So the building, land, depreciable assets and all equipment loans are staying with partner 1. I went into each asset entry worksheet and went to Dispositions and entered 6/30/20 and asset sales price as zero. This resulted in all these assets going onto form 4797. Am I proceeding correctly and what will be my next steps.
