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JoniIsner
Level 3
January 7, 2023
Question

Partnership interest exchange

  • January 7, 2023
  • 8 replies
  • 50 views

Individual Partner in partnership transfers their interest to a new LLC (partnership) that they have the same ownership percentage in.  Transfer is done March 20.  How would the K-1 look... K-1 to individual up to March 20 and K-1 from March 20 - Dec 31 for LLC (partnership)??

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8 replies

sjrcpa
sjrcpa
Level 15
January 9, 2023

Yes

The more I know the more I don’t know.
    JoniIsnerAuthor
    Level 3
    January 10, 2023

    Next question... Partner A (50%) and Partner B (50%) own Old Partnership... Partner A transfers partnership interest to New A LLC which he owns 100% and Partner B transfers partnership interest to New B LLC which he own 100%.... is this a technical termination of the partnership?

    sjrcpa
    sjrcpa
    Level 15
    January 10, 2023

    There is no such thing as a technical termination anymore.

    Note the disclosure required on the K-1 when the partner is a SMLLC disregarded for tax purposes.

    The more I know the more I don’t know.
      JoniIsnerAuthor
      Level 3
      January 10, 2023

      Thanks. 

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