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Lane, you have me great advice last year. I have a new
Lane, you have me great advice last year. I have a new question for you... I have a final llc/partnership return that is showing a balance on the investor members capital balance. Is this ok? Would th… read more
Lane
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I have a 501(c)(7) social club that is going to liquidate
I have a 501(c)(7) social club that is going to liquidate its assets and distribute net assets to its members under a plan of liquidation. My understanding is that this does not result in loss of tax … read more
taxmanrog
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I am trying to seek clarification on the following issue: I
Hi Pearl. I am trying to seek clarification on the following issue: I have a partnership with two partners and one of the partners left the partnership. I do not think it was a buyout as one of the pa… read more
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I have a question about the tax consequences of disposing of
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Doctoral Degree
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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
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Lev
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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
15,528 satisfied customers
I have a client who started an LLC in 2014 with 2 other
I have a client who started an LLC in 2014 with 2 other partners. there was a small loss in 2014, the 2 other partners did not have basis to take the loss, they had contributed nothing. They have agre… read more
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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
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Lev
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I am preparing the tax return two member LLC taxed as a
I am preparing the tax return for a two member LLC taxed as a partnership (Form 1065) that had one rental property. It is owned by two brothers 99% and 1%. The LLC short sold the rental property for $… read more
Lane
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Doctoral Degree
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We are completing a form 1065 LLLP final tax reurn due to a
We are completing a form 1065 LLLP final tax reurn due to a technical termination under sec 708(b)(1)(b) due to a 51% change in ownership interest. My question centers around the k-1's. The new partne… read more
PDtax
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My question centers around the taxability of the sale of a
My question centers around the taxability of the sale of a partnership interest. I am aware it is a capital gain and I am aware of the sales price as the amount received. There is no debt on the partn… read more
PDtax
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A LLC filing taxes as a partnership . If one of the
A LLC filing taxes as a partnership for 2014. If one of the partners invested 25,000 and the other two invested no capital but they are 33% 33% and 34% partners how should the 25,000 have been entered… read more
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I'm filing the final partnership return for a company that conver
I'm filing the final partnership return for a company that converted from a LLC to a C corp. The LLC had a negative basis of $380,000. I'm being told that I need to report a gain of $380,000 in order … read more
BK-CPA
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Im reporting the installment sale of a partnership interest.
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S Corp bought land, build property and faced foreclosure.
S Corp bought land, build property and faced foreclosure. Total cost was 2.6 mln. On foreclosure we have the following: Bank amount due $2.3 mln, Interest 45k, Publication costs 575.00 Attorney Fees 1… read more
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Two member LLC taxed as a partnership. 85% partner agrees
Two member LLC taxed as a partnership. 85% partner agrees to sell his Interest to the LLC for $15,000. Partnership is terminated and remaining partner becomes sole prop/disregarded entiry. Selling par… read more
DanielleCPA
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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
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I have a partnership with 2 partners who are selling all of ...
I have a partnership with 2 partners who are selling all of their interest in the partnership (59%). I will then own 100% of the partnership. The only asset of the partnership is an office building. W… read more
jgordosea
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