Business & farm

@Wireman 

 

The Sch C business needs to be closed (all assets converted to personal use)   and the Partnership opened ... the assets are moved to the partnership and become part of the basis of the person transferring it ... I highly recommend you seek local professional assistance for this first partnership return so you can get educated on what is needed and required ESPECIALLY if you choose to file as a calendar year business because a short year return will need to be filed.