Hi,
I manage an LLC taxed as a partnership. At the start of 2020, the LLC had nine members. On Dec 31 2020, I bought out all of the other members. The value I bought each partner out is proportional to their ownership, and comes out to slightly below each of their adjusted tax basis.
I'd like to file the LLC return with Turbotax Business. I am having trouble finding where to input this transaction. I can select "final return" for the partners and also have their go-forward ownership be zero. But I don't see how I can incorporate the transaction such that it is reflected in their K-1. For example, my understanding is that this transaction should be reflected as a capital loss on their K-1 (and I assume that makes the ending capital account $0).
Any help is much appreciated. Thanks!
