I have a client who inherited a partnership interest in a natural gas company in 2018. Apparently the estate reported all income and paid all taxes in 2018. In 2019 the partnership sold all assets and closed the business. This resulted in an ordinary gain being reported to the estate (and subsequently to my client). No my client still retains an owership in a company that has closed. Is there any way to reduce the ordinary income to account for a step-up in basis of the partnerhsip interest and a subsequently worthless partnership interest. I'm grasping at straws trying to find a way to reduce the tax owed.

Thanks in advance.