Taxpayer has a final K-1 partnership. Did not sell. Just closed and stopped doing business. Partners were brother and sister. They had the business for 3 years. Never made a profit. Each put in $7500 start-up. Only info on the K-1 is Ordinary loss ($402). Receiving error in part 2. Would this be considered a liquidated or abandoned? Just by checking abandoned, it frees up over $9000 in suspended loss carryover. Do this seen right?
Solved! Go to Solution.