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Client has K1 and is marked a General Partner. Does being a General Partner mean he has a "working interest in an oil" so he does not have to treat the loss as a passive loss?
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A General Partnership interest means it is not passive.
I don't know if it means they have a working interest.
Generally these partnerships have pages have explanatory stuff.
Also watch future years. Frequently your client's interest will change to a limited partnership interest in a year or two.
The more I know the more I don’t know.
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Thanks for your insight .K1 client gave me didn't have any explanation in regards to General partner status. Couldn't find any straight answers in IRS publications that a General partner income/loss was considered non passive.
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You're welcome.
"K1 client gave me didn't have any explanation in regards to General partner status" That doesn't mean they don't have it. 😀
The more I know the more I don’t know.
