Basically, you need to report the sale proceeds and the cost basis of the business, the difference will be a taxable gain or loss.
1. Find the "Income and Expenses" menu option in your TurboTax program
2. Find "Investment Income" in the list of categories
3. Click on "Stocks, Mutual Funds, Bonds and Other"
4. Work through the program to find "Choose the type of Investment you Sold"
5. Choose the "Everything Else" option in the list of investments
6. Enter the information requested about your sale (date purchased, sale amount, cost, etc)
Your cost basis in the business will be anything you contributed that you have not taken a deduction for, such as assets that have not been fully depreciated or intangible assets that have not been fully amortized.
If you allocated some of the sales proceeds to assets that were transferred as part of the sale, you can edit each asset sold and enter the sale price for each one individually.
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