I have a client who had multiple partnerships in 2007. In 2008 to simplify affairs he ran them all under one umbrella partnership basically merging the interests of them all into one partnership.
I believe the new partnership will be considered a continuation of the old partnerships and basis will carry through.
I was wondering if the old partnerships have a 2008 partnership filing requirement. I'm thinking perhaps they need to report distribution of assets at ACB on 01/01/08 and a final return check mark? Would this be correct?
I believe the new partnership will be considered a continuation of the old partnerships and basis will carry through.
I was wondering if the old partnerships have a 2008 partnership filing requirement. I'm thinking perhaps they need to report distribution of assets at ACB on 01/01/08 and a final return check mark? Would this be correct?