1
vote
2answers
33 views
Spouse Joining Partnership
Taxpayer owns a single member LLC. He wants his wife to assist in the partnership. What are the pros and cons of making her a partner vs making her an employee?
1
vote
2answers
36 views
continue partnership
What constitues continuation of business of a partnership? The partnership has a negative capital account and needs to reemain active.
2
votes
2answers
301 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 …
2
votes
3answers
172 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
105 views
Accounting for depletion for Oil and Gas Partnerships on K-1
I have a K-1 from an Oil and Gas Partnership where I am a General Partner and a Domestic Partner. I have boxes 1, 14A&C, 17A,D&E, and 19A filled out. How do I account for …
2
votes
3answers
176 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 …
1
vote
5answers
86 views
Two member LLC problem. Please advise.
In a 2-member LLC, one partner puts in 75% of the money, the other puts in 25%. However, BOTH have a 50/50 company interest.
Partner one has a 50% profits interest, 50% company in …
2
votes
1answer
175 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
2answers
416 views
LLC Partnership distribution in excess of basis
This question is about distribution in excess of basis - tax impact on individual:
I am a partner in a LLC partnership run business. Every year, our accountant files 1065 K-1 for …
2
votes
1answer
23 views
LP of Trading Partnership Loss
My client is an individual and limited partner of a trading partnership. When combining the various k-1 items (interest income, short-term cap loss, 1256 loss and non-detailed "ot …
2
votes
3answers
483 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
1answer
208 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 …
4
votes
6answers
242 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)?
3
votes
3answers
184 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
2answers
1k 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 …
