A PARTNER IN A PARTNERSHIP WITH ACCUMULATED LOSSES LEFT THE PARTNERSHIP

[abctax55 · Accepted solution]

Eh?  I can't quite hear you....

What does the partnership agreement have to say about restoring negative capital accounts - IF that's what you mean by "accumulated losses"?   Or are you referring to PALs?

[TaxMonkey]

I feel like this should be the beginning of a joke.  Sort of like, "A priest, a rabbi, and a Texan walk into a bar..."

But where is the punchline?

[abctax55]

I heard it with a minister...not a Texan:

A priest, a minister, and a rabbi
A priest, a minister and a rabbi are on a fishing trip. They get out on the water and the Priest goes, "Oh darn, I forgot the picnic basket!" so he proceeds to step out of the boat and walk to shore, grabs the picnic basket and comes back out to the boat. The rabbi looks on in bewilderment.

The minister looks around as he's about to cast and realizes, "I forgot the tackle box!" He also proceeds to get out of the boat and walk to shore, grabs the tackle box and heads back to the boat. The rabbi is absolutely shocked at this point.

Finally, the rabbi turns to the priest and minister and says, "I forgot the bait." He steps out of the boat and splashes around in the water.

The priest turns to the minister and says, "You forgot to show him where the rocks are didn't you?"

[TaxGuyBill]

LOL.

[abctax55]

For a Friday afternoon...not too bad.