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acctnt2020
Level 1
November 4, 2020
Question

partnership becoming a disregarded entity

  • November 4, 2020
  • 2 replies
  • 12 views

What happens when a partner sells his share to other partner? All the assets are staying with the other partner.

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2 replies

George4Tacks
George4Tacks
Level 15
November 4, 2020

Greetings New User - ,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional .

Have a wonderful day!

 

Answers are easy. Questions are hard!
    abctax55
    abctax55
    Level 15
    November 4, 2020

    A partnership, by definition, is "more than one".   Ergo, you no longer HAVE a partnership.

    HumanKind... Be Both
      abctax55
      abctax55
      Level 15
      November 4, 2020

      AND, depending on timing.... you may have a delinquent filing (penalty of $ ~ 195/month X number of partners).

      Ya' might want to seek some professional guidance on this,

      HumanKind... Be Both
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