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albertng
Level 3
September 4, 2023

Final K-1 with carry-forward losses - partnership converted into corporation

  • September 4, 2023
  • 1 reply
  • 7 views

In ProSeries, how to enter Final K-1 when there is no sale of partnership interest. However, partnership converted into corporation and no disposition of assets.

Also how the partnership suspended carry-forward losses be keep tracked to offset future capital account gain since corporation doesn't issue K-1s?

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
September 4, 2023

When you convert a partnership to a corp. you liquidate the partnership, and if you had suspended losses due to basis limitation I believe you lose the suspended loses

    sjrcpa
    sjrcpa
    Level 15
    September 5, 2023

    I would not mark it final in  the software.

    If they are passive losses, after you complete the return, keep track of them outside of the software for if and when client disposes of the stock. Delete the K-1 in next year's software.

    The more I know the more I don’t know.
      A
      albertngAuthor
      Level 3
      September 5, 2023

      Thanks for the workaround solution.

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