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1065, 1 partner left

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    #1

    1065, 1 partner left

    I think this is an easy answer for someone familiar with 1065 returns and haven't done any research yet. If it is not easy, just tell me and will do my homework.

    3 equal members (LLC), A, B, C, only A has contributed capital and is personally liable for debt. B just disappears, no capital, no part of liabilities, no distributions. He contributed his know how.

    All I need to do is to prorate his income/loss by the days he was a member, right? No other issues to deal with?
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    #2
    Originally posted by Gretel View Post
    I think this is an easy answer for someone familiar with 1065 returns and haven't done any research yet. If it is not easy, just tell me and will do my homework.

    3 equal members (LLC), A, B, C, only A has contributed capital and is personally liable for debt. B just disappears, no capital, no part of liabilities, no distributions. He contributed his know how.

    All I need to do is to prorate his income/loss by the days he was a member, right? No other issues to deal with?

    Do you mean 2 partners left? ADDED... HA HA
    Last edited by BOB W; 03-25-2009, 04:56 PM.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      Took me awhile to get your joke, Bob. Good one.

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        #4
        Sorry for the corny ploy. At first I read the title to mean only 1 prt left to run the business. After reading, the second time, I realized what you were saying.............
        Last edited by BOB W; 03-25-2009, 07:16 PM.
        This post is for discussion purposes only and should be verified with other sources before actual use.

        Many times I post additional info on the post, Click on "message board" for updated content.

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          #5
          Word Games

          When I first read the title of the post, I also thought that only one partner was left after the others all disappeared... LOL

          And it occurred to me that if that was the case, and the partnership was summoned to meet with an IRS agent for an office audit, that the one remaining partner would probably be so worried he would be beside himself...

          BMK
          Burton M. Koss
          koss@usakoss.net

          ____________________________________
          The map is not the territory...
          and the instruction book is not the process.

          Comment

            #6
            We need a "Groaner of the Month" award on this board.

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