I am a new tax preparer using the ATX software for the first time. I am working on a partnership return that has 57 limited partners and one general partner. At 12/31/15, one of partners transferred all of their partnership interest to a new partner. What specific steps do I need to do in ATX to make the transferor's K-1 final and the new partner picking up the tax basis of the transferor's partnership interests at 12/31/15. I know the old partner would receive all of the net increase/decrease of basis, plus all of the allocated income and deductions for 2015, but I need to know how to go about closing the old partner out and setting up the new partner in ATX. Any help would be greatly appreciated.
