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Level 1
posted May 15, 2021 4:19:49 AM

Final K-1, "Describe Partnership Disposal" question.

I'm not sure how to answer this question properly.  This is the final return for our closed business.   There were no assets as it was a dropship business.  There was a little money in the checking account (less than $100) that we took out of the bank when we closed the business.  Other than that, there's nothing to "dispose" of. 

 

So, what's the proper way to answer this?   

 

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2 Replies
Level 15
May 15, 2021 10:51:10 AM

check final k-1and partnership discontinued in 2020

use the quickzoom link to be able to enter the disposal info

 

in partII disposition

check box 1a and 1a(3)

enter dates

line 5,7 and 9 enter 0

 

Level 1
May 16, 2021 12:03:17 AM

I didn't know what quickzoom was so I looked into it.  I am using TurboTax online & it doesn't offer quickzoom.   So, I'm not sure how to answer the question with the option that TurboTax gives me as seen in the picture.