Question

The Blackstone Group LP reorganized from a partnership to a corporation. Therefore, on the K-1 questions, I should check "This partnership ended in 2019", correct?

Forum|Forum|6 years ago
April 8, 2020
1 reply
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TurboTax Premier Online

Employee

Yes. That is the final partnership return.

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S

sbeards

Ok, checked the box, this gives an error where TT wants the cost and sales price. Since there was no GL, I entered 0 cost and sales price, the error went away. Another approach was to uncheck the box. How should this be approached?

Rick19744

Employee

What you did will be fine for tax purposes. There should not be any gain or loss on this entity structure change.

Having said that, hopefully you have been maintaining your basis in this investment as this is now your cost basis in the corporation. Make sure you keep this information.

If you haven't maintained a basis schedule, you need to get this pulled together sooner rather than later as the longer you put this off, the more likely it is to lose information in order to determine your basis.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.