George4Tacks
Level 15
04-18-2023
10:12 AM
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Like a Schedule C, there is no box to check to say final. If there are depreciable assets, indicate that they have a sale date, but no sales price.
There is a distribution to the partner and you need to very carefully determine how much that is. Is this really a sale of the assets from the Partnership to the Individual? Is the sale at Fair Market Value? Does this bar/restaurant operate in one of the rentals?
So many questions! So much research to do! Sounds like a very careful extension to file!
Here's wishing you many Happy Returns