Hi,
I have a final K1 with box 19 code c in it. This K1 was marked final as the investment in this partnership was moved from this partnership entity to a new partnership entity. The K1 has an addendum section where it simply mentions it as a ‘Capital transfer’.
1. Do I have to submit a form 7217 ? Box 19 has code c but there was no ‘actual’ distribution. Also, this K1 is an investment in real estate development which when liquidated returns $ and not a property.
2. Turbotax says it doesn’t support e-filing 7217. Can I e-file the federal return and mail just the form 7217 ? Or do I have to print/mail the entire federal return with form 7217 ?
Have to submit the extension by 10/15. Appreciate any guidance from the experts out there.
Thanks,
HK.
