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Business & farm
No facts have been provided to either support or dispute a SEC754 election at all. It sounds to me more like your advisor may be creating income for their own advising business, by having you go around your elbow to get to your thumb, instead of taking the more direct and common sense route.
Basically, the partnership is dissolved and will file a final 1065 and issue final K-1's. How that partnership is dissolved matters here.
- Did Partner B sell their share of the partnership to Partner A?
- Did Partner B give share share to Partner A?
- Did Partner B abandon the partnership?
- Did Partner B die, and in written form of some type (such as a will) leave their share to Partner A?
- Did Partner B leave the partnership, taking their share of that parntership with them?
Once the partnership is disolved, Partner A creates a new single member LLC which is reported on SCH C as a part of their personal 1040 tax return. It can get complicated because depending on exactly how the partnership was disolved, the open date of the single member LLC might be the original open date of the partnership (even if that was years ago). Or it might be one day after the partnership was dissolved.
TurboTax can handle any of these scenarios. But more facts are needed before the correct path of action can be determined.