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We have a trust (I'll call it GFT). We also have a corporation (I'll call SSI), and a Limited Partnership (I'll call GFT LP); both of which are owned 100% by GFT.
GFT has no revenue. It does not even have a checking account.
GFT LP also has no revenue, but it does have a checking account. The only money that went into the checking account is small loans from SSI that will be paid back.
SSI already filed a tax return for all of its activity.
So my question is: Does GFT and/or GFT LP have to file a return when they have no revenue?
Best Answer Click here
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Thank you. Very much appreciated!
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You betcha!
Slava Ukraini!
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SSI is not an S Corporation (despite those S's)?
The party you don't mention may be the key to this tangled web. Let's say Jones is the eminence grise behind all of it. Are those really "small loans" coming from SSI to the LP, or are they disguised dividends? Why does the LP need to borrow money, if it has no business activity? And it's a partnership but has only one owner?
As a Nobel Prize winner once wrote,
You try so hard but you don't understand
Just what you will say when you get home
Because something is happening here but you don't know what it is
Do you, Mr. Jones?
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SSI is a C Corporation.
You have some other good questions. I will find the answers and post them, probably by tomorrow.
(Your quote makes me chuckle. I think you're right. Thank you!)
