Carl
Level 15

Business & farm

I assume you're referring to the 1065 partnership return where you're having the issue. I don't know enough about 1065's to help here. But I do know that with a partnership, you don't convert to personal use "per-se". The assets have to be removed from the partnership, and you do that by something like a distribution to the partners, or a "return of capital contribution" to the contributing partnerr. The latter makes it a non-taxable event, which is what this is of course.

Hopefully, someone else can jump in to help at this point.

@Anonymous_ are you privy to the inner workings of the 1065 stuff?

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