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Updated about 13 years ago,

User Stats

59
Posts
8
Votes
Carole M.
  • Multi-family Investor
  • Morton Grove, IL
8
Votes |
59
Posts

LLC Partnership Dissolved 2011/tax questions

Carole M.
  • Multi-family Investor
  • Morton Grove, IL
Posted

In april 2009 a LLC Partnership was formed (50/50) between two siblings. The Partnership was dissolved June 20, 2011 with one partner (myself)selling their membership interest/share in property to the other. The remaining sibling changed the LLC to a Single Member LLC and owns the property 100%.

I sat down with my CPA during the summer and went over Capital Contributed (this includes Cash Contributions, my share of Land/Building Value and Depreciation); Income Recognized, Distributions, Losses Recognized and a Capital Bal at 12/31/10. We listed what the 50% share sold for, legal fees and came up with an Adjusted Sales Price and then a small Gain.
I feel we have the tax information we need for my 2011 tax return, but now we must wait for her to file the Partnership Return/K1 for 2011.

I guess my questions is: The Partnership was only for 5 month/20 days in 2011, can she file a Partnership Return for the Calendar Year 2011? What forms should I expect to received other than the Partnership Return and K1's?

I would appreciate any information you can provide.

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