Joined: 31 Jan 2010 Location: United States
Online Status: Offline Posts: 1
Posted: 31 Jan 2010 at 05:03 | IP Logged
I have a client that is an LLC treated as a partnership (NY) with 11 members.
One of them transferred his partnership interest to his cousin for no
consideration. The company has no liabilities. My question in preparing the
K-1's is...do I show 100% of the former member's interest on the new
member's K-1 and be done with it, or do I pro-rate the business
income to the date the interest changed hands, thereby filing 12 K-1's (a
part-year old owner and part-year new owner)?
Thanks. All replies welcome.
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Topic: Partnership Interest
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