Sjpcpa
Level 1
07-09-2021
11:20 PM
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Family ptnrship name is on the real estate title in 2019. Family ptnrship purchased land.The Land was booked on the family S Corp (residential construction co). The S Corp was started in 2019. A house was built on the land by the S Corp and sold in 2020. The S Corp shut down after building the one house. The ptnrsh received the 1099-S ($515,000) at sale. The ptnrship sent S Corp a 1099-S ($515,000). Lacerte does not allow form 8949 code N on the ptnrship return.
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