"montage9" <montage9[at]gmail.com> wrote
- quote -


"Because there was no distributions" is not a valid reason to send out K-1's
showing all zeros.

There may very well have been profits or losses of one kind or another.



- quote -




Talk to a lawyer.





--
Paul A. Thomas, CPA
Athens, Georgia

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Hi All,

I have a situation where I had invested $20K in a real estate
investment partnership. The type of corporate structure was a nevada
LLC. The managing partner of the LLC has since absconded with all the
relevant records and doesn't return phone calls. He did however send
out 2006 K-1 that show zero profit and loss, because there was no
distributions. However, over period of 3 years, the investment has
resulted in a loss of $8K, the partnership was dissolved and partner's
remaining equity has been distributed. So to cut the long story short,
there are no statements with the final accounting or K-1's for 2007
sent out. Since the partnership dissolved, the managing partner has
ceased to be responsive to demands for final accounting/K-1's. What
options do we as partners have?. Thanks for suggestions.

Montage

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >