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A two member property management partnership terminated
A two member property management partnership terminated after one partner died.The final k-1 for the surviving partner shows a negative beginning capital account, a current year increase (ordinary inc… read more
PDtax
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I have an S Corp that owns part of a partnership. On the
I have an S Corp that owns part of a partnership. On the schedule k-1 they recieved from the partnership they show on lined one an ordinary business loss of $300,000. There is no way they invested $30… read more
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Are you able to answer any tax question? So I purchased a
Ok so I purchased a piece of land. for 1 million in 2004 with 2 other partners in a LLC. In 2016 1 partner and I bought out the 3rd at a loss for 400k. Then in 2018 we sold it at another loss for 350k to a party never involved. My CPA is saying I can't take any of the losses from the original purchase amount. is this correct? … read more
emc011075
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I'm working for a small firm and I've run into a situation
I'm working for a small firm and I've run into a situation that for some reason, my higher ups cannot answer. I have a partnership that is filing a technical termination for 2017, and one partner has … read more
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When a limited partner sells his/her limited partner
When a limited partner sells his/her limited partner interest to a third party, how is the existing capital account treated? Does it pass to the purchaser? Is a negative capital account treated differ… read more
Lane
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JD, MBA, CFP, CRPS
Doctoral Degree
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I have a 2 partner (M & E) partnership 50/50. In this final
I have a 2 partner (M & E) partnership 50/50. In this final year M will be distributed cash of $16,900 and rental property of $440,000 (NBV) with a related mortgage of $510,000. M will end up with a p… read more
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I have a 2 person partnership where by the partners have taken
I have a 2 person partnership where by the partners have taken distributions that exceed the basis. The partners capital account basis is negative. What is to be done with the negative balance?… read more
Stephen G.
Stephen G.
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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
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Transfer of partnership ownership question - 3 Partners -
Transfer of partnership ownership question - 3 Partners - Partner B transfers 1/3 of ownership of on March 8th, 2015 to Partner A. He receives no renumeration as this is a big time losing business and… read more
BK-CPA
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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
Lev
Lev
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If I send you a copy of an actual 2014 federal partnership
if I send you a copy of an actual 2014 federal partnership tax return (with sensitive info blacked out-client name address ID numbers etc)Can you look at it and tell me what loss carryovers the client… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Question re: K-1. I am limited partner. In 2012 I invested
Question re: K-1. I am limited partner. In 2012 I invested $75. Partnership invested in real estate and then sold real estate. I had $125 ST cap gain on line 8. Thereby making total capital $200. I wi… read more
Lev
Lev
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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
PDtax
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Master's Degree
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I held a small (less than 1/2%) Membership in an LLC. It was
I held a small (less than 1/2%) Membership in an LLC. It was obtained by the exercise of a cashless warrant in 2011. I invested no money, the entity has a negative net worth, and my capital account is… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Lev, I am still concerned about the foreign partnership investment.
Lev, I am still concerned about the foreign partnership investment. If the taxpayer is a passive partner, owning 50%, how does he take the operating loss on his Form 1040? Is he a passive partner sinc… read more
Lev
Lev
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What is the correct way to fill out the partners capital account
What is the correct way to fill out the partner's capital account part of the K-1 for an LLC filing as a partnership for the case that everybody's ownership (except one partner) is going to 0%. That i… read more
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if at the begining of 2011 an investor had a loss in his capital
if at the begining of 2011 an investor had a loss in his capital account $-7,173 is he allowed another loss for the year… read more
Shane-CPA
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If cash distirubtion is in excess of basis, it is recognzied
If cash distirubtion is in excess of basis, it is recognzied as capital gain. Does the k-1 need to reflect the gain portion and if so which line?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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