Discussion:Partnership-Changes in Ownership During Yr
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| Any help here would be greatly appreciated. | Any help here would be greatly appreciated. | ||
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| + | {{ForumReplyPost|UserID=Scot1|Date=19 January 2007|Text=In your situation the partnership terminates by operation of law on 3/27/06. To be a partnership, there must be two or more partners. Partner A would report all activity from 3/28/06 to 12/31/06 most likely on a Schedule C, depending on the type of business activity.}} | ||
Revision as of 04:22, 19 January 2007
Discussion Forum Index --> Tax Questions --> Partnership-Changes in Ownership During Yr
| 19 January 2007 | |
| I have a partnership (not an LLC) with more than 1 buyout during year.
A 60% B 20% C 20% Partner A buys out Partner B 1/6/06 Partner A buys out Partner C 3/27/06 A & B have special allocated depreciation from acquisition of previous buyout of other partners. Do I make percentage allocations for 1/1-1/6 and again from 1/7-3/27 and report on 1065 only up to 3/27 - and the remainder on Partner A's 1040 Schedule E? (I don't do his personal return, but he is a business client from other business entities) B & C are not clients of mine. Or - do I do a 12 month return, showing allocation of information for the 2 periods, and add 100% to Partner A for remainder of year? Next year will be Schedule E only. Any help here would be greatly appreciated. | |
| 19 January 2007 | |
| In your situation the partnership terminates by operation of law on 3/27/06. To be a partnership, there must be two or more partners. Partner A would report all activity from 3/28/06 to 12/31/06 most likely on a Schedule C, depending on the type of business activity. | |
