Question: Can there be a guaranteed payment to a silent partner?
Two brothers have established a partnership with their father as a 98% non-active partner. Father is in the nursing home and partnership operations are paying a substantial part of the nursing home bills.
The two brothers are "operating" partners. If partnership is able to deduct payments to nursing home as a guaranteed payment to the father, the father's tax could be lowered.
Thanks in advance for your response.
Two brothers have established a partnership with their father as a 98% non-active partner. Father is in the nursing home and partnership operations are paying a substantial part of the nursing home bills.
The two brothers are "operating" partners. If partnership is able to deduct payments to nursing home as a guaranteed payment to the father, the father's tax could be lowered.
Thanks in advance for your response.
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