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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
36,205 satisfied customers
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
Mark Taylor
Certified Public Accountant
Masters
2,539 satisfied customers
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
Lev
Retired
Bachelor's Degree Equivalent
36,205 satisfied customers
The members of Example LLC entered an agreement for Partner
The members of Example LLC entered an agreement for Partner A to buy out Partner B.On 1/1, the ownership interests changed from 50/50 to 99/1.In order to buy out Partner B's share, Example LLC borrowe… read more
Mark Taylor
Mark Taylor
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Masters
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Regarding Final K-1 statements of dissolving 50/50
Regarding Final K-1 statements of dissolving 50/50 partnership (LLC): Surviving member will be a SMLLC. About $1,000 cash remaining to be distributed. Surviving member will buy departing partner out f… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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I have a K-1 where I am domestic partner. My beginning
I have a K-1 where I am domestic partner. My beginning capital account is 23,000 and after loss and distributions my capital account is negative 55,000. My share of non recourse liablities is 122,500 … read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
259 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, MBA, CFP, CRPS
Doctoral Degree
19,417 satisfied customers
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
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,417 satisfied customers
Hi, we had an LLC as 100% owned by C-corp. LLC was created
Hi, we had an LLC as 100% owned by C-corp. LLC was created to buy a sole practitioner - so goodwill is on the books. C-corp reported it as disregarded entity - so there was no federal return, it was c… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a client who has an LLC it is a member in another LLC.
I have a client who has an LLC it is a member in another LLC. I k1 was issued for a large loss to my client. I booked the k1 under the income section of the 1065. The balance sheet now needs to reflec… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,417 satisfied customers
At the beginning of 2013 I formed an LLC with one additional
At the beginning of 2013 I formed an LLC with one additional member (as such, we are a categorized as an LLC partnership). My questions relates to our tax situation. First, we do NOT have any employee… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
We are looking to buy out an existing partnership that only
We are looking to buy out an existing partnership that only has assets of real estate. The reason we want to buy the partnership interest and not the assets is the current debt is assumable and is non… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,119 satisfied customers
I have purchased the interest of 5 limited partners in a LP
I have purchased the interest of 5 limited partners in a LP which holds title to an apratment complex with initial cost of approx. 13 million 6 years ago and a basis now of 11 million due to depreciat… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
final k-1 for a multimember llc that closed with debt and a
final k-1 for a multimember llc that closed with debt and a member has about 60k in capital balance. teh llc has no money or assets. how do i treat this?… read more
USTaxAdvising
USTaxAdvising
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Bachelor's Degree
1,099 satisfied customers
I am part of a 3 person LLC which files a 1065. The Members'
I am part of a 3 person LLC which files a 1065. The Members' Total Capital Account is $453,00 or $151,000 for each Member. One of the Member's wants out and is willing to accept $10,000 for the entire… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
I am self-employed working for a my LLC (which is a two member
I am self-employed working for a my LLC (which is a two member LLC that is in the wholesale business) we carry inventory and sell through brick and morter and online channels. I.e. this is not a passi… read more
RD
RD
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Master's Degree
1,129 satisfied customers
I am creating a new LLC (#1)to become the Parent Company of ...
I am creating a new LLC (#1)to become the Parent Company of an existing LLC (#2). I am transferring all assets of #2, including contracts, employees to #1 except for the holding of a subsidy. What are… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Real Estate Transaction - 764 Election for step up in basis
I am involved in a real estate transaction in which I am buying land to build homes. That land is owned by an LLC and has changed hands 4 times over the past 3 years from one LLC to another (same owne… read more
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Christopher Phelps
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