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Reallocation of losses in final Partnership return
This partnership was set up as two equal partners, but there's a provision in the document that specifies that, upon termination, if the partnership has a loss, just one partner will absorb the loss and pay down the loan. As such, the final K1's need reflect the allocation of loss differently from how gains/losses were allocated in prior years (where they were allocated 50/50). How is this done in Turbotax Business without having to over-ride calculated fields?
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‎February 18, 2022
11:53 AM