Discussion:Buying out a partner
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Discussion Forum Index --> Advanced Tax Questions --> Buying out a partner
Discussion Forum Index --> Tax Questions --> Buying out a partner
| 1 March 2008 | |
| I do not do partnerships but I do have a client who was in a stock club. He decided to quit. They gave him a final distribution. He invested $750 over time and received $1151 back. I know how to break it out by short and long term. My question is should he have received a final K1 or any form from the partnership?
Thanks, Dusty | |
IDrinkYourMilkshake (talk|edits) said: | 1 March 2008 |
| He should receive a final K-1. | |
Spanawaykim (talk|edits) said: | 1 March 2008 |
| Needs to determine basis in partnership by adding in any gains and losses taken from partnerships they have paid tax on (dividends,
capital gains -losses etc) and add in to basis to determine if gain or loss on disposition. | |
| 1 March 2008 | |
| Drink: Thanks
Spanawaykim: Thanks, I have all the K1's the received so that will be easy enough. They called and they will be getting the final K1 this week. Then I should be able to figure it all out. Dusty | |
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