Discussion:1065 Date Business Started post technical termination

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Discussion Forum Index --> Basic Tax Questions --> 1065 Date Business Started post technical termination
Discussion Forum Index --> Tax Questions --> 1065 Date Business Started post technical termination

Cbscgcpa (talk|edits) said:

14 March 2009

I am preparing the initial filing of a post technical termination Form 1065. Entity has kept original name and FEIN. What do you think I should use for "Date Business Started" pg 1. I can use the original date of XX/XX/2002 or XX/XX/2008 the first day of the "new" entity. Seems really simple and I'm inclined to use a new date (fresh start etc..) but, I'm getting hung up on technicalities. I've scoured instructions, publications and research guides. Let me know what you think.

Bjeter (talk|edits) said:

15 March 2009

The new form 1065 has a check box on page 1 for a technical termination. It specifically instructs you to check either the initial or final return box, so on the initial return of the "new" partnership, I would use the first day of the "new" entity XX/XX/2008. I can only imagine a flood of IRS correspondence if you put XX/XX/2002 as the business start date and checked the initial return box on a 2008 form. I don't think it matters too much, just be sure to attach all those "new" first year elections. A lot of people forget this in a technical termination.