Bhase2014
Level 1
12-07-2019
01:20 AM
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This is the first year of the partnership and before the year is up one of the partners decides to assign all his rights to the partnership. In order for me to prepare the accurate K-1s for the partners do I need to close the books as of the effective date of the transfer and file a tax return for that time period and then file another for the company as a disregarded entity for the remainder of the year where the partnership had only one partner?
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abctax55
Level 15
12-07-2019
01:20 AM
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One F 1065 (which may be delinquent....it was due 2.5 months after that transfer date) and a Schedule C for that remainder of the year.
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IRonMaN
Level 15
12-07-2019
01:21 AM
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You would file one 1065 and one schedule C.
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