MDFTAX
Level 3
4 weeks ago
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Dear community,
I am completing a final partnership return for a company owned by two people. In February 2024 they assigned it to someone else for $1. Became a single member LLC.
The two partners have also agreed to let the new owner keep the receipts from January 2024 and all assets. Company had no liablity
My question is - do I just put $0 for the receipts, profit/loss and assets in the final partnership return?
Thanks in Advance!
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sjrcpa
Level 15
4 weeks ago
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If the partnership had receipts in January 2024 they need to be reported on the 2024 1065.
The more I know the more I don’t know.