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Schedule k-1 of exchanged partnership (form 1065) asset
I received a schedule k-1 for an LLC partnership that was dissolved at the end of the year when assets were exchanged for equivalent shares in an existing REIT. My question is: how do I answer the question "Describe the partnership" in Premiere Turbo Tax? It would appear that I should check "This partnership ended in 2023", but I am afraid that this may turn out into a taxable disposition of assets, which it should not be. Is there any place where I can indicate that the assets were exchanged?
March 18, 2024
10:02 AM