Partnership 1065 Return - 754 and 734 adjustments

[BgTx]

 

How we record and report inter partner buyout of partnership interest in 1065 and K1 form using ATX ?

In an LLC  with four partners with equal share and basis of $40 K each. Two of the partners bought out other two partners shares in January 1,2023 for $100 K each. This transaction is outside the partnership as no money came or gone through the partnership books.Remaining partners paid $100 each to outgoing partners.

The additional amount of $60K to each outgoing partner represents the revalued machinery for a total of $120K.   

How this transaction reported in 1065 and K1 forms ?.

For Outgoing partners additional amount of $60K is shown in line K 1  line 11 as a code F Section 743(B) positive adjustments . Line 19 shows distribution of $100K and K1 balance is nil. 

How this affect K1 of remaining partners ?. Line 13 with code V?.

Do we need to book the $120K as section 754 adjustment in fixed assets and credit it to remaining partners  ?

Do any thing to record in Quick books ?

Any other forms required ?

Thank you all