No, the K-1is not "irrelevant" because you bought and sold the partnership interest ("shares") in the same year.
You have two reasons to report the K-1 on your return:
1. The K-1 reports your share of the partnership's 2020 income/loss and deductions for the period you owned a partnership interest.
2. The K-1 reports information used to calculate your basis in the partnership. You need that information to calculate your gain/loss on the sale of the interest.
