Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 2-member LLC dissolution - does this require a Form 8308 with the final 1065?
2-member LLC dissolution - does this require a Form 8308 with the final 1065?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
SusanJP
Level 1
02-22-2024
12:18 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
FACTS: AB LLC: September 30, 2023 - A sold 50% of the LLC's assets to B. B is sole remaining member of the LLC; therefore, partnership is now terminated.
B will report October - December P&L on his 1040, Schedule C.
A will report gain on his 1040 resulting from the sale of his portion of the LLC assets - which includes A/R, depreciable assets, supplies on hand (not inventory) and goodwill.
My question: Since this is essentially a partnership liquidation - is Form 8308 required with the Final 1065? It is not technically a transfer of partnership interest since there is no longer a partnership.
Thank you for your help with this. My brain is going in circle.
Labels
