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Final Partnership return

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Level 1

With a final K-1, I check the box noted as Final K-1, The partnership was closed and remaining cash distributed.  I then checked the box "Partnership was discontinued in 2019" - it reflects an error in Part II for disposition of Partnership Interest which does not appear to applicable

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2 Replies 2
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Level 1

Treating as a liquidation with zeror basis and sales price

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Level 15
Level 15
Your client may have basis in the investment that could be used as a capital loss, even if they didn't get anything from the disposition, thats why its prompting you to fill out the disposal info.

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