The options are:
No entry
Complete Disposition
Disposition was not via a sale
Sold and am receiving payments
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There are a number of issues that may come into play, but you will not have a taxable event on your personal tax return.
Probably the best way to eliminate this from your return is to indicate that you had a complete disposition; which effectively you did as the partnership terminated. TT will ask questions related to a sales price and cost basis. Just make these two amounts equal so there is no gain or loss reported.
Having said that, as noted above, there could be a number of other implications that you need to understand. I have attached a link to Revenue Procedure 99-6. Your facts are situation 1 in this revenue procedure.
http://www.unclefed.com/Tax-Bulls/1999/rr99-06.pdf
There are a number of issues that may come into play, but you will not have a taxable event on your personal tax return.
Probably the best way to eliminate this from your return is to indicate that you had a complete disposition; which effectively you did as the partnership terminated. TT will ask questions related to a sales price and cost basis. Just make these two amounts equal so there is no gain or loss reported.
Having said that, as noted above, there could be a number of other implications that you need to understand. I have attached a link to Revenue Procedure 99-6. Your facts are situation 1 in this revenue procedure.
http://www.unclefed.com/Tax-Bulls/1999/rr99-06.pdf
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