Yes, that's correct. If the LLC has filed under Chapter 7 of the Bankruptcy Code, then there will be a complete liquidation of the LLC, and you should receive a final Schedule K-1 reflecting your allocable loss, among other things. If the LLC's plan is to reorganize after the bankruptcy is concluded, then you should still receive a Schedule K-1 reflecting the information you will need to include on your tax return. If there are any statements included with your Schedule K-1, you will want to keep those because such documents may contain useful information about what you need to include on your tax return.
@jsavo
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