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Partnership liquidated all their assets and closed.....

Just-Lisa-Now-
Level 15
Level 15

Partnership has 3 partners, one owns 52%, the other 2 have 24% each.

I don’t do many partnership returns, the ones I do have are all rinky dink businesses with minimal assets, but this one I inherited from my old boss when he retired. 

They liquidated all their assets (they didn’t sell the company, just sold off all the equipment) in Nov 2018 and closed the partnership as of Dec 31 2018.

Assets in 2015 and 2016 (2 pieces of equipt) sold to one person, I can sell those off the asset entry worksheet, they're fairly straightforward

All the other junk purchased from 1996 to 2014, sold to someone else for 1 amount.   I guess I need to allocate the sales price as a % to each, ugh!
   
There’s also one piece of equipment he bought in 1996 that he (the 52% partner) plans to keep personally, how does that work with a partnership?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15

Delete the junk assets, add up the totals and then create a new asset.  Then sell it like you did the others.

The equipment that he kept just gets treated as a partner distribution but I'm guessing the basis in it is zero by now, so his basis is zero in the event that he ever sells it somewhere down the road.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

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IRonMaN
Level 15

Delete the junk assets, add up the totals and then create a new asset.  Then sell it like you did the others.

The equipment that he kept just gets treated as a partner distribution but I'm guessing the basis in it is zero by now, so his basis is zero in the event that he ever sells it somewhere down the road.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

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Just-Lisa-Now-
Level 15
Level 15
:+1:   thanks!  I went ahead and allocated for each...ran through 1/2 roll of adding machine tape  LOL   some had 179 and some had special depr, wasn't sure if entering them all as one asset would make the program squawk at me when I entered the 179 and special depr totals.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15
You betcha!
ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
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