Removing a deceased partner from 1065 k-1

[KL60]

We had 11 partners to distribute share$ to, now we have 10. How do I remove the deceased partner and distribute their share percentages into the remaining 10 partners? 

Thx

[RobertB4444 · Accepted solution]

You will enter a change in partnership value as of the date of death of the partner (or the date of the transfer if it did not occur on the date of death).  In Turboax you do this by going in to each partner's individual information and making the adjustment as of the date that you are using.

The deceased partners interest in the partnership will be reduced to zero from whatever percentage they owned and the others' percentages will be increased by one tenth of the deceased partners percentage.  

For this year each owner's percentage will be averaged over the course of the year to reflect the change and going into next year the deceased partner will be removed and each of the other partner's higher percentages will be reflected on their K1s.

@KL60