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Old 07-25-2016, 09:13 PM
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Selling of partnership interest and no K-1

Hello - my new client was part of a partnership (passive interest) and has very limited information, no 1099-B, no recent K-1s, and no current basis information. Bottom-line info he has is purchase price and date and selling price and date (long-term gain). There is no unrealized receivables or inventory. Not sure about partnership liabilities but he doesn't think so (very disorganized partnership, I'm told). Since that's the best info I can obtain, I will have to go with it, but I'm not sure where to input the sale/gain on the tax return. I believe I input it on 8949 with Box F checked, but please confirm. I'm also not sure if I should file form 8082 stating no K-1 received, since the instructions say to not file that form if all owners are individuals and there are less than 10. I'm not sure that is the case but I suspect it is. Any confirmations/clarifications would be extremely helpful and appreciated!!

Jane



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