A taxpayer reading one of my blog posts from Ishpeming, Michigan was compelled to call me today. She was a member in a Limited Liability Company (LLC) who had ultimately resigned herself to abandoning her interest in the LLC.
In advance of the call she faxed me a 2011 K-1 with a negative capital account as well as allocated non-recourse liabilities and a final 2012 Schedule K-1 from the partnership with $0, nada, nilch reported for both income or deductions. Evidently there was no 2013 K-1 produced.
Random calls like this routinely come in from all over the planet and every opportunity to revel in the distractions is appreciated this time of year. She began the conversation Read More