Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

partnership becoming a disregarded entity

acctnt2020
Level 1

What happens when a partner sells his share to other partner? All the assets are staying with the other partner.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

5 Comments 5
George4Tacks
Level 15

Greetings New User - ,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional .

Have a wonderful day!

 


Here's wishing you many Happy Returns
abctax55
Level 15

A partnership, by definition, is "more than one".   Ergo, you no longer HAVE a partnership.

"Tax software is no substitute for a professional tax preparer"
abctax55
Level 15

AND, depending on timing.... you may have a delinquent filing (penalty of $ ~ 195/month X number of partners).

Ya' might want to seek some professional guidance on this,

"Tax software is no substitute for a professional tax preparer"
George4Tacks
Level 15
Ergo? Don't they make waffles?

Here's wishing you many Happy Returns
0 Cheers
BobKamman
Level 15
er·go·nom·ics
/ˌərɡəˈnämiks/

noun

the study of people's efficiency in their working environment.

"My ergonomics are deplorable, I spend too much time on message boards."

0 Cheers