1
vote
3answers
192 views
Partnership with Negative Capital Accounts
I have four person partnership. The capital accounts are as follows:
A. (112,000)
B. (49,000)
C. 92,000
D. 250,000
Total 181,000
The Partners A and …
1
vote
0answers
14 views
Transfer of Property with Mortgage in LLC
I need help in sorting out whether this is a taxable event and how to handle the transactions that transpired. Below is the circumstance:
1) Six individuals transferred land with …
1
vote
1answer
119 views
Closing an LLC Partnership
I'm dealing with a client who has an LLC (my client and his father) that they rolled over into their new company.
They would like to close/cancel the old LLC.
What is the proper …
3
votes
6answers
157 views
What is the advantage of filing as a Partnership (Form 1065) instead of SubChapter S Corp (1120S)?
What is the advantage of filing as a Partnerhsip (Form 1065) instead of SubChapter S Corp (1120S)?
2
votes
2answers
382 views
Final Partnership Return with Negative Capital Account
I have a two person partnership that is liquidating in 2009. Partner 2 received an allocation of loss in 2003 of $8k which resulted in a negative capital balance of $8k since he di …
2
votes
3answers
100 views
Partnership Capital Distributions
If a partner distributes capital in excess of tax basis capital without a share of debt liabilities to nullify the distribution in excess of tax basis capital, what are the tax con …
2
votes
3answers
94 views
MMLLC does this not blow the S election?
SMLLC's can elect S status and no blowing the election, but how about a MMLLC? Since one of the prerequisites for an S corp is that only REAL persons (not including partnerships) …
1
vote
1answer
101 views
Partnership adding a new partner. Any advice?
Does anyone have any advice in regards to the issues one might face with admitting a new partner?
My main interest is with appreciated property.
The partnership could book-up the …
2
votes
4answers
77 views
10yr old partner in an LLC? Dependent or partner?
Can my 10 year old son be my partner in an LLC?
If yes, what happens with the income he receives through the K1?
Can I still claim him as a dependent?
1
vote
2answers
70 views
Spouse dies in 2 person California Partnership LLC
A husband and wife each owned 50% of a California LLC formed in 2004 and elected to be taxed as a partnership.
The husband died this year (in 2009).
Does this terminate the partn …
2
votes
4answers
53 views
Corporation as a partner
I have a Partnership where a C Corp is one of the members. If this partner cut a check for 1K to the Partnership, the partnership treat this as a paid in capital, now, how is this …
1
vote
2answers
117 views
Partnership - Forgiveness of debt
I have a partnership (LLC) client who had equipment taken back by the bank and sold at auction.
Unfortunately, the proceeds from the sale didn't cover the loan amounts so I have t …
1
vote
2answers
22 views
Bankrupt: Two LLCs and one personal. What forms need to be completed?
Taxpayer had two (partnership) LLCs. One of the LLCs was a drycleaning business and one of the LLCs was a (non-residential) real estate rental business.
Both LLCs and the individ …
