Turbo Tax is asking for a sales price when entering information on my 2018 Final K-1 for a LLC. I did not receive any distributions when the company closed. However on the Analysis of Parntner's K-1, Current Year Increase (decrease) Worksheet there is a line item that says Schedule M-2 Additions: Company Closing for $19,829. My Partner Basis Worksheet includes (along with a net long-term capital gain, an ordinary loss, and a net loss under section 1231) a decrease in partnership liabilities of $24,734 which results in $0 basis. My beginning basis was $24,295. Part II L states a beginning capital balance of $-20,171 and Current Year Increase of $20,171 and an Ending Capital account of $0.
I talked to the accountant who prepared the final K-1 and he was no help at all. He just kept saying all the information you need is in the K-1. When I asked about sales price he said he wasn't authorized to release that information to me.
I know how to enter the Part III boxes 1-20 but I don't know what to enter when TT asks for sales price and basis. I did not receive any proceeds nor are any distributions included in Part II L. What do I enter for the sales price? Do I enter the ending basis of $0 when TT asks for partnership basis?
Thanks for your help!
