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Death of a partner
I have an LP with 10 limited partners. Two of them (my parents) both passed away in 2021. When completing my 1065 in 2021, I indicated they both passed and it would be their final k-1. Now in 2022, they dropped off the partner list (as expected). However the beginning Capital amount does not match the 2021 Ending Capital because my parent's capital "disappeared"? Is that ok? Or should I override the beginning 2022 with the ending 2021? Or should I add their ending 2021 Capital into my Capital account in 2022? No money changed hands upon their death - I received everything from their estate.
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‎February 2, 2023
11:44 AM