nmr12354
Level 3

Client purchased a sport fishing boat and had it titled under an LLC for asset protection. He has no intention of using it for income. It is strictly a pleasure boat. Although he did obtain an EIN number, is it necessary for the partnership to file a return? There would be no loss. 

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
Whos the other partner?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
nmr12354
Level 3
his wife
0 Cheers
msmith7305
Level 7
If you look at "Who Must File" in 1065 instructions you will find your answer.
0 Cheers
IRonMaN
Level 15

No income, no expenses, no return.


Slava Ukraini!

View solution in original post

0 Cheers