1 - Technically they own a portion of all of the activity for the year. But if you want to make certain that none of the quarter 4 activity effects the two partners you can make manual adjustments to all four partners' K1s to get everything lined up.
2 - You will not need to issue a K1 to former partners in order to show the change in their capital accounts. They will need to indicate the balance that was in the capital accounts on the schedule Ds of their personal returns in both years.
@gocontracting
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