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R
rem179
June 29, 2020
Question

I have a final K-1 for a partnership that converted to a corporation. How do I deal with the partnership units being converted to shares? Is this a liquidation or sale?

  • June 29, 2020
  • 1 reply
  • 0 views
I am guessing that the content of the K-1 is entered as normal, separating rental and business income.  But I don't understand how the conversion works so it does not appear like a normal sale of partnership units.

1 reply

T
taxes4sumting
June 29, 2020
should be tax free if it was done right....ask whoever's responsible for doing the taxes and k1 you received.
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