I have prepared a two partners Partnership tax return for the year 2021. The LLC owned a rental property but no rental income from Jan-Aug 2021. One partner quit the Partnership and received $250,000 from the existing partner. I believe the Partnership will be closed on 05/21/2021, the agreement date. The current partner has 75%, and leaving partner has a 25% profit sharing ratio.

As per the Balance sheet, I did not see any basis for the leaving partner. The only balance sheet item is the historical cost of the building and the same amount of non-recourse loan. The existing partner's basis is a non-recourse loan and leaving partner basis. Maybe the property needs to be revalued at FMV. Is it mandatory for partnership business or not necessary?

I have prepared but am not sure about the correctness. If someone helps me to review and provide guidance. I will pay for your service. If you have experience preparing the same tax return before, please help me and let me know the associated cost.