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Business & farm
This can (and most likely will) get confusing *VERY* quickly. You may find it more beneficial to seek professional help for this. Especially if your state taxes personal income.
Basically, the partnership is closed/disolved permanently and forever. The partnership must file a "final" 1065 and issue each partner a "final" K-1. Each partner will need that final K-1 for their personal 1040 tax returns.
Next, the S-Corp opens with the *SAME* *EXACT* *OPEN* *DATE* as when the partnership was originally created/open for business. But the incorporation date (be it incorporated as an S-Corp or a C-Corp) ***MUST*** be one day *AFTER* the partnership was closed/disolved.
Remember, the business open date and the business incorporation date Are two completely different dates and do not have to be in the same tax year.
Then for 2019 the S_Corp will issue each owner a K-1 when each owner will need to file their personal 1040 tax return.
So for 2019 each owner will have two K-1's.
- A "final" K-1 from the partnership for the period Jan 1 2019 through March ??, 2019.
- Their first K-1 from the S-Corp for the period March ??+1 through Dec 31 2019.