I had a Limited Partnership that was in operation for several years. In 2011 all of the assets were sold to another company. We ceased operations and distributed the cash after paying off any liabilities. We filed a 2011 return and distributed K1's.
The 2011 return and K1's did not have Final Return checked on them. All the Limited Partners had balances in their respective capital accounts despite he fact that all the assets were liquidated and the cash distributed.
There was no operating history at all in 2012.
My main questions are: do we need to file a final return for 2012? Do we need to amend 2011 to zero out the capital accounts and mark it final? Or is their something else we need to do?
The 2011 return and K1's did not have Final Return checked on them. All the Limited Partners had balances in their respective capital accounts despite he fact that all the assets were liquidated and the cash distributed.
There was no operating history at all in 2012.
My main questions are: do we need to file a final return for 2012? Do we need to amend 2011 to zero out the capital accounts and mark it final? Or is their something else we need to do?
