akam
Level 1
12-07-2019
09:09 AM
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LLC in question is not ceased, it files final because it became disregarded for tax purposes and now consolidates books with single member; however, assets on 1065 are not used by single member due to changes in operations.
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TaxMonkey
Level 8
12-07-2019
09:09 AM
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Whatever actually happened with the assets will govern how they are treated on the tax return. If they were thrown away then that would be a sale for zero gross proceeds. If they became the property of the former partner then that would be a distribution.
akam
Level 1
12-07-2019
09:09 AM
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Make sense. Thank you!
