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Conversion of partnership shares to new series

in 2015 I invested in a partnership Series B shares which were converted to Series C in 2021. I received a FINAL K1 for the Series B shares and a new K1 for the Series C shares. When I click FINAL for the B shares Turbo tax askes for the sale details.  These were no sold but rather converted.   How do I record this transaction?

 

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Conversion of partnership shares to new series

only the partnership can tell you what the tax consequences are. it could be a nontaxable exchange where no gain or loss is recognized or it could be fully or only partially taxable. you should have received info about the conversion beforehand

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4 Replies

Conversion of partnership shares to new series

BTW, the B shares have a $100,000 suspended loss carryover that gets me a big refund if I record as a sale

 

Conversion of partnership shares to new series

only the partnership can tell you what the tax consequences are. it could be a nontaxable exchange where no gain or loss is recognized or it could be fully or only partially taxable. you should have received info about the conversion beforehand

Conversion of partnership shares to new series

thanks Mike.  Did that and fudged Turbotax so it was not recognized as a sale.   Just need to get my deferred operating loss carryover moved to the new shares.

Conversion of partnership shares to new series

i would seek pro advice on the PAL from the old shares.   generally. a PAL is released when the property is sold in a fully taxable transaction. and if it's an operating loss rather than a PAL, they might be other tax consequences.

 

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