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I am preparing a partnership tax return. Two partners have
I am preparing a partnership tax return. Two partners have negative basis and have left the entity. I would like to bring their accounts to Zero with a credit. Is this like a 754 election and allocati… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,765 satisfied customers
WE HAVE TWO CLIENTS WITH 2 QUESTIONS: I. CASE ONE CASE ONE
WE HAVE TWO CLIENTS WITH 2 QUESTIONS:I. CASE ONECASE ONE involves a family partnership, which owns a large portfolio of publicly traded stocks and bonds, that the partners want to keep intact in the p… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
819 satisfied customers
I have a question regarding inherited LLC and 754 step-up
I have a question regarding inherited LLC and 754 step-up basis.So my step-father has invested in 3 LLCs with $100,000 in cash invested in each LLC, and I inherited his interests as a beneficiary of h… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,877 satisfied customers
3 final k-1s with negative capital accounts but zero partner
3 final k-1s with negative capital accounts but zero partner basis statements. how do i treat the negative capital accounts for the final K-1 PARTNERS. Their basis statement shows Zero. … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,877 satisfied customers
Question regarding taxation of partnership distributions and
Hi, question regarding taxation of partnership distributions and capital gains … read more
Richard
Richard
Tax Attorney
Doctoral Degree
5,914 satisfied customers
If a partner leaves a partnership, should his negative
If a partner leaves a partnership, should his negative equity go to the replacement partner; be split pro rata among the remaining partners or can the owner/managing partner assign the negative partne… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,877 satisfied customers
Three general partners in a general partnership which owns
Three general partners in a general partnership which owns improved real property subject to mortgage, which has been refinanced over time with each of the partners taking out cash and each has a nega… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,765 satisfied customers
Lets say you are a partnership and it has a large profit. If
Lets say you are a partnership and it has a large profit. If the partners want to use the profit from the partnership to pay their individual taxes. I assume that they will need to tax an additional d… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,765 satisfied customers
There, I have an LLC that is a leasing company taxed as
Hi there, I have an LLC that is a leasing company taxed as a partnership. One member with a negative capital account of approx. $60K has retired. He will not be paid for his interest. The negative cap… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,877 satisfied customers
Thank you my question, A partnership was dissolved and the
Thank you for taking my question, A partnership was dissolved and the last K1 of one the partners shows a negative ending capital amount in section L (of the K-1). In other words, I assume that the pa… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
We have a ltd partnership with a $5mm building (currently
We have a ltd partnership with a $5mm building (currently worth $5mm) with a recourse loan of around $2mm. The GP can refinance the building into a $3mm NON-recourse loan take the proceeds and distrib… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,765 satisfied customers
If a limited partnership which has depreciated all the apartments
If a limited partnership which has depreciated all the apartments on a tract of land net leases the land to a third party who tears down the apartment buildings ;does this in and of itself cause a cha… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,877 satisfied customers
Im completing a final 1040 for a decendent who has a K-1 from
I'm completing a final 1040 for a decendent who has a K-1 from a publicly traded LP showing non-recourse liability (NRL). I need to compute the step-up in basis in order to determine the amount of ord… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,185 satisfied customers
During 2011 my wife and I closed our LLC business. We simply
During 2011 my wife and I closed our LLC business. We simply closed the business and walked away. The company's only asset, a computer, was sold and disposed of the day the business closed. I would li… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Invested in a movie that has basically stopped producing any
Invested in a movie that has basically stopped producing any hope of return on investment. Received about 30% back on investment of $250,000. Directors of the LLC refuse to provide updates but once a … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,504 satisfied customers
If taxpayers residence is in revocable grantor trust which
If taxpayer's residence is in revocable grantor trust which becomes irrevocable upon taxpayers death, for income tax purposes does basis get stepped up to value at time of death if residence is later … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,504 satisfied customers
Ordinary or Capital Gains for a partnership loss Hello, I
Ordinary or Capital Gains for a partnership loss? Hello, I worked for a small investment firm where I was offered the opportunity to buy into the partnership. I bought in for 200k and 3 years later, t… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I am thinking of selling my interest in a HUD Section ...
I am thinking of selling my interest in a HUD Section 8 Limited Partnership. I put in $43000 in the 80''s. The capital account on the 2007 K-1 is about negative $91000. The sale price is $22000. Would… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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