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K1 Partner gain distribution
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Akberbhamani
Level 1
03-04-2021
05:37 PM
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I need help in recording leaving partners gain.
Here is the situation, Me and my brother open the business back in 2008. Our friend (new partner) joined us in 2015 with $71K investment and got 33% share in the business. He left us last year. Based on valuation increase we gave him 117K back. Now where should I disclose this capital gain in his K1 so that # 1 we will pay capital gain on $46K and #2 in future we when we will sell the business later on we don't have to pay 100% capital gain on our side (2 left over partners)
Thanks
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1 Comment 1
abctax55
Level 15
03-04-2021
06:05 PM
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Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Cheers!
"*******Tax software is no substitute for a professional tax preparer*******
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