armen_odesho
Level 1
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
LLC business was sold in the middle of the year to new members
name of the business and EIN number stayed the same
how to process this ?
Best Answer Click here
Labels
TaxMonkey
Level 8
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What return are you doing? The LLC's, the selling members or the purchasing members?
armen_odesho
Level 1
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
both , selling and purchasing was done in 2018 , using transfer of interests,
sjrcpa
Level 15
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Change in Ownership Screen
Ex-AllStar
armen_odesho
Level 1
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
how about purchase price and sales price ? where to process it
sjrcpa
Level 15
12-07-2019
04:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If old members sold to new members that is not part of the partnership return. Selling members report on their tax returns. You should probably fill out Forms 8308 as part of the 1065, though.
Ex-AllStar
Ex-AllStar