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No the K-1 is for reporting the distributive share of an owner's income, losses, etc.
Now that the owner is receiving installment sale payments, you'll end up on schedule D of the 1040
See this: http://www.irs.gov/publications/p537/ar02.html#en_US_2012_publink1000221624
From that page: Generally, you will use Form 6252 to report installment sale income from casual sales of real or personal property during the tax year. You also will have to report the installment sale income on Schedule D (Form 1040), Capital Gains and Losses, or Form 4797, or both. SeeSchedule D (Form 1040) and Form 4797
Here ya go:
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Hello Lane,Thank you for your reply. I agree with you about Form 6252. But I wander how tax preparer did 2011 Personal Tax Return. Is it right, if it's done only Form 4797 (from K-1 and K-1 is final)?
I appreciate you
I asked one more question and don't see it. I repeat. How use form 6252 and show that only 50% of installment payments belong the ex-partner.
Yes it is
Thank you for the lesson
OR set me up as your preferred expert on your home page.
(Although we have MANY excellent experts here)
Regardless, thanks again,