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- Partnership Units Gifted At Year End
Partnership Units Gifted At Year End
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nancy2
Level 5
04-03-2021
08:14 PM
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Good evening,
I have a limited partnership in which one of the limited partners gifted units to two new partners as of 12/31/2020. The new partners did not get any income allocated for 2020. That seems to be working ok in the return. The problem I am having is the capital accounts. I have tried to reflect the transaction through the Other increase(decrease) line but it is not reflected when I print the K-1s. The "giftor" K-1 Capital account still reflects the same ending capital account as it did before the gift. The two new partners capital accounts show no activity and $0 ending capital account. On all three I entered the amounts on the respective K-1 Worksheets as Other Adjustments.
Any suggestions are appreciated.
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