Discussion:Partnership dissolution
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Discussion Forum Index --> Tax Questions --> Partnership dissolution
| 15 May 2007 | |
| Client had a three partner partnership that began business in January 2006. They bought one piece of property, developed it slightly, and sold it for a gain in late July 2006. At that point two of the partners "cashed out", and the sole remaining partner (the general) continued on as a SMLLC (effectively 1 August). From my reading of the Master Tax Guide, it appears that when the two partners left the partnership (thus effectively ending the partnership) this constitutes the close of the partnership's tax year and the tax return (or extension) is due in 3.5 months. Am I reading the MTG correctly? Anyone have any experience with some situation like this? | |
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