I have a slight "spin" on the question. I received a K-1 for my portion of the sale of a company that I was an executive in. The K-1 is for the full value of my consideration in the transaction. However, about 15% of the transaction value is being held in escrow (e.g. I got paid 85% in the current tax year) with two potential payments, one on the anniversary of the transaction (which will be in tax year 2018) and one 6 months after the anniversary (which will be in tax year 2019). Neither escrow payment is guaranteed. I'm assuming I should do an Installment Sale in TT. My question is do I still enter the data from the K-1 in the Income Section of TT for K-1s or just populate the installment sale information as defined above? I cannot get a corrected K-1 for the amount paid to me as the legal entity that issued the K-1 ceased to exist with the closing of the transaction. Any guidance is much appreciated.
