Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Client owns a sport fishing boat, Titled under a Partnership LLC. It is just a pleasure boat titled under the LLC for asset protection. Is a return needed?

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

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
IRonMaN
Level 15

No income, no expenses, no return.


Slava Ukraini!

View solution in original post

0 Cheers
4 Comments 4
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!
0 Cheers