Brainstrom
Level 4

Clients sold the business. Sold 720,000.00 cash payout 510,000.00 split between two partners. Installment sale for the remaining 210,000.00. Each partner received a 1099-S for the full 720,000.00 and each partner received an installment sale agreement for the 210,000.00. Not sure what to do about this, it seems like each should have received a 1099-s for 360,000.00 and each should have received an installment sale agreement for 105,000.00. Both documents above in their social security number.

If I don't record the 720,000.00 and the 210,000.00 on each partner they will get a notice. Any help would be appreciated.

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