TonyM

In this situation, it is terminating the contact to buy the property before the transaction was finalized. Thanks.

Yes, I'm aware of that, thanks. I was just hoping that someone had some expertise on the topic, because that doesn't really help me.

I would really appreciate if anyone could provide any expertise on this topic. If a partnership has a loss due to terminating a land contract, how would the loss be reported on the 1065 return? Thank you in advance.