RUNFASTER
Level 1
04-13-2022
04:36 PM
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I am preparing a partnership return which a partner left the partnership during the year (default allocation method is interim closing of the books into two segments) resulting in different percentages for the surviving partners (for each segment of year) and a short year for the resigning partner. How do I get the k1s to reflect the allocation which allocates each partner based on two segments?
Thanks
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JRC
Level 8
04-13-2022
05:30 PM
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You have to use the Special Allocations on the Schedule K-1 Worksheet for each partner. Use by Ratio or By amount Special KEYS you assign to each line item on the Schedule K Page 4 of Form 1065 Page 4-5.
