Client had several LLP's most with unallowed losses. K-1 came with final K-1 marked. then another new LLP K-1 from the same company with his name and a rev family trust. Does the first constitute a complete disposition because of the final K-1 box being marked? that would make all unallowed losses allowable this year, correct? or is this some sort of rollover that would not allow the losses? profit, loss and capital percentages are not the same on both K-1
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Sorry it is a PTP not llp. -
Sounds like a transfer of ownership name but not of control. I would not call it a disposition, just a transfer.Comment
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do I transfer the unallowed losses from one to the other?Comment
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Sounds to me like all that happened was that the investor got himself a RLT last year and transferred the investment in that PTP into it. No change of ownership, no new taxpayer, everything continues on as before, including all carryovers.Roland Slugg
"I do what I can."Comment
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