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Investors & landlords
I would strongly recommend you seek a pro's help. the partnership has terminated. so a final return must be file. however, the tax laws concerning termination of a partnership and a partner's interest are complex. for example, the terminating partners may have ordinary income under section 751 - ie some of what you paid them may be ordinary income and needs to be reported on the final partnership return and K-1's. special allocations may be required.
‎February 1, 2021
5:51 PM