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?

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.

posted

Connect with an expert

1 Reply

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?

should be tax free if it was done right....ask whoever's responsible for doing the taxes and k1 you received.

Still have questions?

Make a post

Manage cookies

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

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?

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?

Get more help

Do you have a TurboTax Online account?

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?

Do you have an Intuit account?

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?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert