2012 Amended and Final K-1

[taxedtothemax]

Just received the above from a client for a partnership that was the subject of an IRS audit and liquidated. The new K-1 provides a small additional ordinary loss, which I'm not too excited about, nor is my client. However, the original preparer deducted the investment as a capital loss, and I believe the loss can and should have been ordinary. I do not believe the partners were asked to sign an agreement to keep the year open. Can an amended return for 20212 still be filed?

[New York Enrolled Agent]

Not sure of all your details but you might take a look at the IRC mitigation sections from §1311 through §1314