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clacourte1
Level 3
March 10, 2023
Solved

Partnership Buyout

  • March 10, 2023
  • 1 reply
  • 12 views

Hello,

I have a new client who bought out his partner last year. I've entered the info in the change of ownership section, but I'm wondering what other steps need to be taken or what forms need to be filed with the partnership return? Thanks!

This topic has been closed for replies.
Best answer by sjrcpa

Mark it final. Enter the short year dates if the buyout took place before 12/31/22 .

Report the rest of the year activity on remaining owner's 1040 Sch C or E as appropriate.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
March 10, 2023

Mark it final. Enter the short year dates if the buyout took place before 12/31/22 .

Report the rest of the year activity on remaining owner's 1040 Sch C or E as appropriate.

The more I know the more I don’t know.
    abctax55
    abctax55
    Level 15
    March 10, 2023
    And if it didn't happen on 12.31.22, that short year F 1065 is late.
    HumanKind... Be Both
      C
      clacourte1Author
      Level 3
      March 10, 2023

      Ok, thanks very much.

       

      Do you know if I need to file form 8308 if he purchased his partner's ownership interest with money from the business?

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