Husband and wife were partners of LLC. They transfer their interest to their living trust (which uses husband SSN as it's Id). So trust becomes the new partner. Need help on the following questions:
1. does LLC issue K1s to all three (husband, wife, and trust)
2. if K1 are issued and husband and wife are they marked as final?
They have been and will file joint personal return. and they have carry-over losses recorded under two activities (one for husband and one for wife)
3. if they New K1s are marked as final, are properties considered disposed considered and the previous losses are unlocked? (does not seem right)
4. can they combine all activities on schedule SEinto one activity (husbands/trust's ID) and carry -over the losses in one line?
Thank you for your guidance
