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K1 Partner gain distribution
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Akberbhamani
Level 1
03-04-2021
05:37 PM
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I need help in recording leaving partners gain.
Here is the situation, Me and my brother open the business back in 2008. Our friend (new partner) joined us in 2015 with $71K investment and got 33% share in the business. He left us last year. Based on valuation increase we gave him 117K back. Now where should I disclose this capital gain in his K1 so that # 1 we will pay capital gain on $46K and #2 in future we when we will sell the business later on we don't have to pay 100% capital gain on our side (2 left over partners)
Thanks
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1 Comment 1
abctax55
Level 15
03-04-2021
06:05 PM
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Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Cheers!
HumanKind... Be Both
