Thank you for responding.
* As part of a complicated deal involving a portfolio of such partnerships, I believe that the combined majority partnership interests were sold to another entity and those majority partners had interests in the new investment holding entity. Hence, the more than 50% sale of partnership interests in a partnership that otherwise continues to operate as before. Regardless of whether or not it was required, the partial year return, from which my K1 issued, was filed by a competent tax preparing public accounting firm.
* My income (even with the buyout payment) is below the level indicated on line 15 of the capital gains worksheet on page 40 of the 1040 instructions.
* The partnership did indeed own depreciable (fixed and personal) assets.
* I was hoping that something needed to be changed in the way I entered the capital gain in Turbotax (or even that Turbotax couldn't correctly handle this situation) before approaching a tax professional.
