What are the tax consequences of a Partner's Death ?

The partnership's income, gains, losses, deductions, credits and preferences are computed as if the entities tax year closed on the date of the partner's death. The partner (to his social security number) receives a k-1 that represents the period on the year he was alive. The partner's estate (EIN of the estate) receives a k-1 for the remainder of the year. The estate continues to receive a k-1 until settled at which time the interest in the partnership terminates.