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I"m In A Partnership That We Will Likely Dissolve In 2016. I Have Approximately 30k In Remaining Basis Due To Loan That I Have Made...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Loss on the sale or dissolution of a business would be treated as a capital loss. However, if the loan was made to protect your job it may be classified as a business debt status is allowed if your dominant motive (...   Read More
What Is Due Date For Receiving A Schedule K-1?
User Photo Glenn Dance
Tax Professional Level: Tax Enthusiast

Unless it's an "electing large partnership" the due date for delivery of a partnership's K1 is the due date of the partnership's tax return (September 15, if it has been extended))   Read More
Our Business Is Structured As A Partnership With Four Partners. One Of The Partners Died And Never Paid Back A Loan. Can We Deduct This As...
User Photo Sherry German
Tax Professional Level: Tax Enthusiast

The First step would be to seek repayment from his Estate as distasteful as that may be.   Read More
How Do I Handle A Loss From A Partnership Interest That Turned Out To Be Worthless?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Generally speaking pass through the loss up to your basis at the time of dissolution with the remainder forfeited. Sorry ...   Read More
What Is The Difference Between A Limited Liability Corporation( LLC) And A Partnership?
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

The a partnership, you do not have a choice on how the business is taxed. With an LLC, it can be taxed in several ways: partnership, S-Corp or Corporation. The method you choose will affect how the business is...   Read More
What Is The Extension Due Date For A Tax Partnership Return In 2013?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

A partnership return is generally due on the 15th day of the fourth month following the date its tax year ended. For a calendar year taxpayer this is April 15th. There is the ability to get an "automatic"...   Read More
What Deductions Are Generally Allowed In A Partnership Tax Return?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Basically, you can deduct Salaries and wages (other than Partners), Guaranteed payments to partners, Repairs and maintenance, Bad debts, Rent, Taxes and licenses, Interest, Depreciation, Depletion (except oil and...   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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