Hi Rick! Thank you for your help, my responses are as follows:
1. This was not a final K-1
2. From what I understand and know from my clients (my clients are a private partnership), the fund that issued the K-1 is a privately held partnership
3. There was no division that I am aware of, or that my clients are aware of
4. My client is a privately held partnership
5. No. This was simply a transaction that went as follows: 1. My clients were notified that they would be receiving a certain number of shares as a distribution (the notification came in December of 2020). 2. My clients received the distribution at the end of January 2021. 3. My client got a K-1 for Tax Year 2020 that had the cost basis reflected for the shares they got in 2021 (in box 19C).
