Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Partnership Termination
Partnership Termination
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jamessite
Level 3
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I formed a two-person partnership, and we each put in $70000 in 2009. My partner died this year, and I am ending the partnership. It currently has no value other than a bank account of $25000. On the K-1 worksheet, the only choice that seemed possible to me was ABANDONMENT. I did not sell or gift it. Do I get a $70000 loss on Form 4797 since it was not sold? Or do I get a loss of $45000 since I will take the banking money? Or do I get no type of loss at all?
Labels
1 Comment 1
sjrcpa
Level 15
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Basis in a partnership starts with the amount of your initial investment. It goes up for your share of income and capital contributions through the years, and down for your share of losses, separately stated deductions, and distributions through the years.
You could have a gain or a loss upon termination if it is liquidated.
Will the business continue as a sole proprietorship?
The more I know the more I don’t know.
