Tagteam, I appreciate and understand your answer, and have upvoted it. However, while I agree that the IRS may not concern itself with (1) and (3) during a tax year where both partners survived, it's possible that the bank, a probate court, or even the NC Department of Revenue may care about all three.
I am inclined to fill out our own Form 1065, then use Turbotax Home & Business to submit the Forms K1. Am I correct in assuming that a Schedule C will not be required with our 1040 since the Forms K1 available in Home & Business should account for all profit or loss? In fact, are there other versions used to submit a 1040 that also include Form K1?
