Limited partner leaves midyear. Should his K-1 show ordinary income for just the months he was in the partnership, or zero (don't really think so), or all year? He received distributions for the time he was in the partnership. He also received distributions in excess of basis. Does this go on the K-1 or 1099?
New partner coming in midyear. Is his K-1 treated the same way, just part year income? He received no distributions during the year.
New partner coming in midyear. Is his K-1 treated the same way, just part year income? He received no distributions during the year.