This was SO helpful, thank you thank you.
It is a redemption, not a sale. Two clarifying questions if you're willing. As far as reporting the liquidation distribution on the exiting member's K-1, would that be in the same distribution box as his CAB distributions (Box 19), just adding on the additional amount/overage? Or a different box on the K-1?
And the second part, there were a handful of remaining payments in Q1 2019 of that overage as well. Where should those payments be recorded for taxes? Would this fact mean that the K-1 for 2018 isn't the final, and the a K-1 for 2019 would be? Or can we use a different form to report that balance paid in Q1 2019 on 2019 taxes?
This should do it for me! While locking in a CPA is going to be so important for us (and we're meeting with a few in the upcoming weeks), I do greatly appreciate your assistance with comprehending this stuff!
