MDFTAX
Level 3

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

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.

View solution in original post

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