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I was wondering the gain/loss impact on the following
I was wondering the gain/loss impact on the following partnership (Form 1065) partner (50% owner): Capital account balance: $-137,000 Partner's liability share: recourse debt of $-200,000 Will be boug… read more
Mark Taylor
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We have an LLC that is wholly owned by a C-corp. The LLC has
We have an LLC that is wholly owned by a C-corp. The LLC has been paying employees and 1 member with guaranteed payments. We have a loss in quickbooks of $16,000. Does the C-corp simply take the $16,0… read more
Lev
Lev
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I am a majority member in an LLC. The LLC paid my medical
Hi,I am a majority member in an LLC. The LLC paid my medical expenses. I understand that the medical payment will be listed as part as my K1 guaranteed payments and I will be able to claim the above t… read more
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The partner in my 2 member LLC retired effective 12/31/2016.
The partner in my 2 member LLC retired effective 12/31/2016. There was a buyout using LLC funds, the ownership was originally split 60/40. We both have negative amounts in our capital accounts due to … read more
Lev
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Lane, I have a question i am a member with a 20% on an llc
Hello Lane,I have a question i am a member with a 20% on an llc that has to members. The other member is in charge of preparing the taxes every year. Normally she gives me my K1 and on the k1 if i rec… read more
Lane
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I have an LLC that has 2 members 99% and the other 1%. Now
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I am forming an LLC with my son, who is under 18. This will
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Partnership interest sale , My client is a member of a
My client is a member of a two person LLC. He bought out his partner and now is a single member LLC. I have calculated the basis of the out going partner and also the total amount the partner recieved. (payment plus share of liabilities..there are no "hot assets"). My simple question is how does or where does the partnership report to the IRS the amount received...since there will be no form 8308 necessary? … read more
Lev
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I have 3 buildings (3 addresses) of rental properties to
I have 3 buildings (3 addresses) of rental properties to claim. The pickup truck is registered under company name, I use it for snow shovel, trash removal, repairs and maintenance for all 3 places. I … read more
emc011075
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A multi member LLC pays health insurance premiums on behalf
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Lev
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I have a two member LLC where the members want to change the
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Hi Lev, Setting up a new company. Company A will be a multi-member
Hi Lev, Setting up a new company. Company A will be a multi-member LLC. Company B will be a Single Member LLC. I own 100% of Company B and Company B owns, 50% of Company A. Company B is a member manag… read more
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I am preparing a 1065 - Among 6 of the members , I need help
I am preparing a 1065 - Among 6 of the members , I need help with 2 of the members -2 couples have their ownership and MR & Mrs as tenants by the entirety. I know that each spouse of both couples will… read more
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Midway through 2012, my multi-member LLC dissolved into a single-member
Midway through 2012, my multi-member LLC dissolved into a single-member LLC. I filed a new Statement of Information with the State of California. I plan to file a 1065 for the portion of the year (8 m… read more
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i have a client who is a partner in an llc. he is also the
i have a client who is a partner in an llc. he is also the manager of the cattle feed lots (llc). the llc pays him a salary of $40,000 a year. how is the tax figured on this? the k1 amount is added to… read more
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I received a Form 8308 along with a Schedule K1 from my partnership.
I received a Form 8308 along with a Schedule K1 from my partnership. During the year, I terminated my employment and received a cash distribution equal to final basis in the partnership. Do I need to … read more
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Which numbered slots on the K1 form 1065 (given by an LLC
Which numbered slots on the K1 form 1065 (given by an LLC to a member) are filled in to reflect the fact the LLC, which was a beneficiary of both 1) a life insurance annuity (20k)and 2) a straight lif… read more
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Several years ago, two partners bought land under an LLC.
Several years ago, two partners bought land under an LLC. This year one partner bought out the other (no profit) and dissolved the LLC. Are there any tax implications to either partner?… read more
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