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Get your taxes done using TurboTax
The initial (beginning) percentage for a newly admitted partner would be the percentage immediately after admission whereas the final (ending) percentage for a terminated partner would be the percentage immediately before termination.
These percentages will be used for reporting in Item J of Schedule K-1.
Any partner with the Final K-1 box checked should enter the percentage immediately before termination, even if the partner was admitted to the partnership during the same tax year.
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March 11, 2024
12:19 PM