Discussion:Technical Termination - K-1

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Discussion Forum Index --> Basic Tax Questions --> Technical Termination - K-1


Discussion Forum Index --> Tax Questions --> Technical Termination - K-1

Jeff-Ohio (talk|edits) said:

22 April 2014
Question on presentation:

Tom and Dave are 50/50 members of ABC, LLC

Molly buys out Dave on April 1st

ABC has a TT on 4/1.

DEF, LLC is the new MMLLC with Tom and Molly as 50/50 members.

On the new MMLLC (DEF, LLC) K-1s, I know I show Molly's interest as a 2013 capital contribution.

As far as Tom goes, since he was already a member of ABC and his interest just transfered over, what do I call the activity to get his K-1 cap account analysis to populate? Do I just show it in "Current Year Increase"?

Ckenefick (talk|edits) said:

22 April 2014
Whatever you do, make it consistent w/ the M2.

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