phoenixmike230
Level 2
05-17-2021
01:55 PM
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2020 Partnership has about a 1.2 million profit- five partners all with different ownership percentages- The GP has 75% & its all a handshake deal-- and about 1 milion was distributed to the 5 partners in 2020-- can I arbitrarily say that some of these distributions were guaranteed payments-- theree is no partnership agreement.
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TaxGuyBill
Level 15
05-17-2021
02:08 PM
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No, you can't arbitrarily say that.
And why didn't you address that with the Partners a year-and-a-half ago?
phoenixmike230
Level 2
05-17-2021
02:10 PM
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New client- got stuff in Feb 2021- first contact