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Partnership- Guaranteed payments

phoenixmike230
Level 1

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

No, you can't arbitrarily say that.

And why didn't you address that with the Partners a year-and-a-half ago?

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/if-a-partnership-that-h...

 

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phoenixmike230
Level 1

New client- got stuff in Feb 2021- first contact

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