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    Final Partnership return

    jemciv
    Level 2

    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 Comments 2
    jemciv
    Level 2

    Treating as a liquidation with zeror basis and sales price

    Just-Lisa-Now-
    Level 15
    Level 15
    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♥¸¸.•*¨*•♫♪