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SweetLeaf
Level 3
April 17, 2023
Question

1065 discontinuing one activity

  • April 17, 2023
  • 1 reply
  • 3 views

Hi all,

Here's my fact pattern:  

I have a client who has a partnership.  Within the partnership, there is a bar/restaurant which is reported on his 1065 and three rental properties, that are reported on Form 8825.  He is moving the bar/restaurant into it's own entity.  How do I indicate that this activity on the return is final?

Thanks for you help,

This topic has been closed for replies.

1 reply

George4Tacks
George4Tacks
Level 15
April 18, 2023

Like a Schedule C, there is  no box to check to say final. If there are depreciable assets, indicate that they have a sale date, but no sales price.

There is a distribution to the partner and you need to very carefully determine how much that is. Is this really a sale of the assets from the Partnership to the Individual? Is the sale at Fair Market Value? Does this bar/restaurant operate in one of the rentals? 

So many questions! So much research to do! Sounds like a very careful extension to file!

Answers are easy. Questions are hard!
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