Just-Lisa-Now-
Level 15
Level 15

Partnership has 3 partners, one owns 52%, the other 2 have 24% each.

I don’t do many partnership returns, the ones I do have are all rinky dink businesses with minimal assets, but this one I inherited from my old boss when he retired. 

They liquidated all their assets (they didn’t sell the company, just sold off all the equipment) in Nov 2018 and closed the partnership as of Dec 31 2018.

Assets in 2015 and 2016 (2 pieces of equipt) sold to one person, I can sell those off the asset entry worksheet, they're fairly straightforward

All the other junk purchased from 1996 to 2014, sold to someone else for 1 amount.   I guess I need to allocate the sales price as a % to each, ugh!
   
There’s also one piece of equipment he bought in 1996 that he (the 52% partner) plans to keep personally, how does that work with a partnership?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers