S- Corp, 2 partners 50/50. One buys out the other effective 06/30/20. I entered info on Ownership Percentage Worksheet. It indicates that the amounts will be allocated for the whole year 25/75 with the final k-1 for the partner bought out. Is this accurate? Any guidance is appreciated.
Dissolution agreement indicates dissolved 06/30/20. The Buyer assumes all liabilities & financial accountabilities as of this date. However, one portion indicates Buyer will have 100% ownership once Seller is fully paid. That date is 08/14/20. So which date do I use for a partial year 1120-S?
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