PatriciaV
Expert Alumni

Get your taxes done using TurboTax

The ending percentage shown on Schedule K-1 Part II Item J "Partner's share of profit, loss, and capital" is the percentage immediately before the ownership change (per IRS Instructions for Form 1065 Schedule K-1 Item J).

 

If you look at the Schedule K-1 Worksheet (Sch K-1 Wks), you will see three percentages at the top right of each partner's record. The Ending percentage on this worksheet for the partners who sold will be 0%, but the "Int/Fnl %" is the percentage shown on the K-1's.

 

Note that the partners who purchased additional interests would have 50% of profit, loss, and ownership after the buyout was recorded.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"