Partner A has 80% interest in a partnership where the partnership operations loose money and the company is shut down. Can Partner A claim ordinary loss due to abandonment of partnership interest. Note there was no sale of partnership interest.
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I believe IRS requires a dissolution of the partnership. I think at least 50% of the capital/assets must be sold or acquired by the remaining partners if any.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
Was he relieved of any partnership liabilities? If he's been taking losses, does he have any basis remaining? Did he/will he receive a final K-1?Comment
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Partnership has no liabilities. He does have basis remaining. He did receive a final K-1.Comment
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