FINAL K-1S

Technical topics regarding tax preparation.
#1
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45
Joined:
6-May-2014 3:04pm
Location:
VIRGINIA (VA)
NEW CLIENT

He has two FINAL K-1s.

The first partnership ceased business operations and is pursuing bankruptcy.

I have entered the information from the K-1. When I go to the disposition worksheet it gives me 4 choices for the disposition. I am picking Abandoned partnership interest, have entered the date disposed of and the date acquired. I am entering a 0.0 for the sales price and selling expenses. When I look at last year’s return I see the basis worksheet and it shows his adjusted basis of $8,295. Should this be listed on the disposition worksheet?

The second partnership was sold. The taxpayer was a general partner, 48% ownership. He sent me the copy of the settlement statement for the sales and the purchase. Since he is a 48% owner, I am taking 48% of the sales price and 48% of the expenses. I started to take 48% of the purchase price for his basis and then realized that I should probably be using the adjusted basis from the 2019 basis worksheet of $83,581. Does this sound correct?
 

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