Question
Entering a K-1 for a company that went belly up
I am trying to answer the Partnership Disposal question: Choose how you disposed of this partnership/LLC.
My options are: 1) No entry 2) Complete disposition 3) Disposition was not via a sale or 4) sold and am receiving payments. The partnership went belly up in 2021 and dissolved. Which of those options do I choose?
Next question: My K-1 shows an ending capital account of $15,210. I will never receive this money and I need that to show up as a loss as a "long-term transactions not reported to you on Form 1099-B." How do I enter this?
