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1065 K-1
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Kaye
Level 1
06-15-2020
01:47 PM
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Partner received final 1065 K-1. Partnership was discontinued - NOT sold. K-1 shows a Net loss on Line 1 which zeros out her capital account.
How do I report in Pro Series - partnership was not sold and I would thing she can take the loss in the final year of sale. Her initial capital contribution exceeded the loss amount.
K-1 additional info has a line for abandoned partnership interest - I'm then asked for sale info...…..
Enter the "Sales Price" (there was no sale) of $0 and purchase info (Capital Contribution)?
Any help greatly appreciated 🙂
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