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Business & farm
Welcome.
Responses to your follow-up questions:
1) Redemption reported in box 19 code A
2) If, as you stated, there were some additional distributions in 2019 to the exiting member, then the 2018 K-1 is not final.
3) There could be some "internal" accounting adjustments / transfers that will need to be recorded in order to get the capital accounts to conform to the redemption.
Responses to your follow-up questions:
1) Redemption reported in box 19 code A
2) If, as you stated, there were some additional distributions in 2019 to the exiting member, then the 2018 K-1 is not final.
3) There could be some "internal" accounting adjustments / transfers that will need to be recorded in order to get the capital accounts to conform to the redemption.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 6, 2019
5:59 AM