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Charlie Gruber Real Estate Lawyer recommendation (Denver)

13 December 2016 | 3 replies

@Charlie Gruber Connect with @Drew Fein who does a lot of work with BP investors.

Alik Levin Distribution to parent LLC is income but not child LLC expense

28 December 2016 | 12 replies

This will be a liability account called "Unearned Profit Distributions" or something like that.Then, at the end of the year, when the actual taxable profits of the child LLC are finally known, you make one journal entry to debit that liability account and credit a revenue account for only what is being reported to you on the K-1.So the books for the parent company will look like this:January thru Dec, monthly entry:Cash - Debit $100Unearned Profit Distributions - credit $100.So on December 30, you have $1200 in the cash account and a $1200 balance in Unearned Profit Distributions (the liability account).Then, in March when you get your K-1, you find out that your taxable profits (maybe due to depreciation or whatever) were only $1000.So on 12/31, you do the following journal entry:Unearned Profit Distributions - Debit $1200.00 (to zero the account out for the year)Member Draws (an equity account in the parent company) - Credit $200.00 (This will be the difference between what you drew and what is reported as income from the K-1)Revenue from Child LLC - Credit $1000.00 (This should match the K-1)When doing your tax return for the parent, you won't really do it on form 1065 of the partnership, you'll just report all of the child K-1s on form 8825, line 20.

Jay Hinrichs Philidelphis market and Cleveland Market

25 January 2018 | 9 replies

With that being said, as a California boy, I noticed some things that these cities have in common, it's a city of charm and micro neighborhoods, almost as if they drew an invisible line to separate the good and bad areas (around Cleveland heights, Lakewood border etc).