@dj1016 -- you've got two different, but still common, events:
- You made a partial disposition. So you'd enter that just like this thread discusses. In the TT interview, you'd check off the "Disposed of a portion..." option, which will allow you to enter the sale info. Some of your suspended losses will be released.
- You'll also check the "This partnership ended in 2019" box, but on the next screen, you'd check "Disposition was not via a sale". This will address the non-taxable exchange for shares of newco.
When you've done this, the only loose end will be the suspended losses that need to transfer to newco. Your TT return will still show them on the defunct MLP (oldco), even though its gone. I've found that the easiest way to deal with that is to wait until next year. When you're filling out your 2020 return, and entering the newco K-1, you'll get to the screen where TT asks you about suspended losses and carry-over from 2019. It will grab the 2019 newco info by default, but you can modify that screen to add in the additional suspended losses from oldco. Then you're done. All suspended losses are accounted for.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
