Thanks
Yes I know of need for final 1065, but if we transfer stock with capital gain, do we have to pay capital gains tax, if we do not sell the stock.
From what I can find, stock is considered "money" but "investment partnerships" are exempt from the requirement that the "gain shall not be recognized to such partner, except to the extent that any money exceeds the adjusted basis of partner's interest immediately before the distribution"
Is the "Adjusted basis" here the cost basis of stock we bought decades ago or is it the value of the stock before distribution
OR since we are not selling stock there is no gain and no tax
BTW Anyone who can force TT Business in producing an accurate tax form with these issues is a genius. I certainly can't but will have to find a new CPA as my previous one passed away.
I am trying to figure this out so I can move stuff before the end of the year
