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.
Exchange of partnership interests in ATX
in General Chat
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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.