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Level 3
Mar 12, 2025 8:24 PM UTC

Final Partnership Return

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!

1 reply

sjrcpa
Level 15
Mar 12, 2025 8:40 PM UTC

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.