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1065 discontinuing one activity
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SweetLeaf
Level 2
04-16-2023
09:10 PM
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Hi all,
Here's my fact pattern:
I have a client who has a partnership. Within the partnership, there is a bar/restaurant which is reported on his 1065 and three rental properties, that are reported on Form 8825. He is moving the bar/restaurant into it's own entity. How do I indicate that this activity on the return is final?
Thanks for you help,
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1 Comment 1
George4Tacks
Level 15
04-18-2023
10:12 AM
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Like a Schedule C, there is no box to check to say final. If there are depreciable assets, indicate that they have a sale date, but no sales price.
There is a distribution to the partner and you need to very carefully determine how much that is. Is this really a sale of the assets from the Partnership to the Individual? Is the sale at Fair Market Value? Does this bar/restaurant operate in one of the rentals?
So many questions! So much research to do! Sounds like a very careful extension to file!
Here's wishing you many Happy Returns
