Partnership Change

[S T]

Business was purchased and FEIN applied and received prior to the close of escrow, (as various agencies and lender needed FEIN #'s to close transaction).

Issue - FEIN application had John Smith and Mary Smith listed as Legal name DBA ABC Partnership. When Partnership Purchase finally closed - Mary Smith substituted her son as partner - and new partnership agreements were drawn up. Mary Smith did not take any partnership ownership

Question - How to correct IRS records, and how to show on Form 1065? There was not a transaction between Mary Smith and son.

Sandy

[Gretel]

Business was purchased and FEIN applied and received prior to the close of escrow, (as various agencies and lender needed FEIN #'s to close transaction).

Issue - FEIN application had John Smith and Mary Smith listed as Legal name DBA ABC Partnership. When Partnership Purchase finally closed - Mary Smith substituted her son as partner - and new partnership agreements were drawn up. Mary Smith did not take any partnership ownership

Question - How to correct IRS records, and how to show on Form 1065? There was not a transaction between Mary Smith and son.

Sandy

The FEIN confirmation letter (either by mail or over the internet) has a coupon attached for changes. I would attach a paper to the coupon with the changes written on it. Perhaps, I would call the IRS first.

I don't think it matters for the 1065 if this is the first tax return.