file amended 1065 ?

#1 12-22-2004, 02:50 PM

Benjamin Yazersky CPA wrote:

- quote -

> A client in a 2 member LLC just gave me an agreemnet whereby
> one memeber relinquishes his interest as of 12/31/2003.
> Should an amended 1065 be filed to show the transfer of
> interest to zero out the member's k1 capital balance and to
> check the final return checkbox?
> There are no income or allocation changes.

Given that the agreement is "valid", then that is the thing to do.

Howsomeever............ I'm wondering if a forensic
laboratory analyzed the agreement could they tell it might
have actually been composed and printed on/about December
1st? (You see where I'm going with this.)

You might want to be sure in your own mind this is what
actually occurred, and this might involve looking at the
books carefully to insure that the withdrawing partner
didn't participate, or otherwise benefit during the 365
days. Ifyougetmydrift.

ChEAr$,
Harlan Lunsford, EA n LA

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12-21-2004, 12:07 AM

"Benjamin Yazersky CPA" wrote:

- quote -

> A client in a 2 member LLC just gave me an agreemnet whereby
> one memeber relinquishes his interest as of 12/31/2003.
> Should an amended 1065 be filed to show the transfer of
> interest to zero out the member's k1 capital balance and to
> check the final return checkbox?

Why leave the situation in place for eventual notice re
nonfiling? I'd file one, with a 2-line cover letter saying
please note the original should have said final return. On
amended 1065s, IRS may not key much into the computer nor
even look at 'em much at all.

Reg,
Fred F.

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#-1 12-20-2004, 10:26 AM

A client in a 2 member LLC just gave me an agreemnet whereby
one memeber relinquishes his interest as of 12/31/2003.

Should an amended 1065 be filed to show the transfer of
interest to zero out the member's k1 capital balance and to
check the final return checkbox?

There are no income or allocation changes.

--
<<< Benjamin Yazersky CPA [NJ & NY] > >
<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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