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Level 2
July 10, 2020
Question

Final Partnership return

  • July 10, 2020
  • 2 replies
  • 25 views

With a final K-1, I check the box noted as Final K-1, The partnership was closed and remaining cash distributed.  I then checked the box "Partnership was discontinued in 2019" - it reflects an error in Part II for disposition of Partnership Interest which does not appear to applicable

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2 replies

jemcivAuthor
Level 2
July 10, 2020

Treating as a liquidation with zeror basis and sales price

Just-Lisa-Now-
Intuit Community Champion
July 10, 2020
Your client may have basis in the investment that could be used as a capital loss, even if they didn't get anything from the disposition, thats why its prompting you to fill out the disposal info.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪