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Individual - Closed Partnership With $203,000 Ending Capital. I Did Not Do The 1065. Withdrew Bare Land. Then Did 1031 Exchange For 4...
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

Assuming that the land was a capital or 1231 asset; that it was the only property distributed; and that section 751 does not apply to the distribution...then generally the land would take a basis equal to your...   Read More
How To Determine Basis For Inherited Real-estate LP Share?
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

I would be happy to assist. Feel free to contact me at your earliest.   Read More
Can I Amend Several Tax Returns That Are Being Audited And Can I Change From LLC Filing Pship Returns To Sole Proprietors And File A Sch C.
User Photo Barry Fowler
Tax Professional Level: Tax Enthusiast

First, I hope you have representation with the audit. To answer your question yes You can prepare the amended return for the auditor so that the returns get corrected right. The Auditor may just ignor the amended...   Read More
How To Amortize LLC Startup Expenses?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The home improvements must be capitalized as you said. You must,dispose of everything on the Sch C and then move it to the 1065. The basis in the items moved to the 1065 (assuming she was depreciating at lest the...   Read More
My Brothers And I Are Thinking Of Setting Up A Family Limited Partnership (FLP). Can You Tell Us Why This Would Be A Good Idea? Can You...
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

Setting up an FLP to operate a family business or investment can be a great way to protect and manage a family's assets effectively and efficiently. From a tax perspective, there are associated benefits. First,...   Read More
If I Enter Into A Partnership Agreement With Another Business Owner, What Should I Be Aware Of From A Tax Perspective?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Assuming this is a US based business, then you will need to file a US partnership return. If both partners are actively involved in operating the business, then all earnings from the partnership will pass through...   Read More


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