Discussion Archives:Form 982 for a tiered partnership

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Discussion Forum Index --> Advanced Tax Questions --> Form 982 for a tiered partnership


Discussion Forum Index --> Tax Questions --> Form 982 for a tiered partnership

Jia (talk|edits) said:

18 March 2009
The local casino is organized as an LLC. To hold down the number of members, many of the owners in the casino are actually LLC or S Corps. The casino LLC had a cancellation of debt that is partly qualifying business real estate debt. I understand that the election is made at the partner level. Does this mean that the 2nd tier LLC owner can make the election for all of its members or must it pass along the election to its members.

Since each electing partner is required to report its election to the casino LLC, it would seem that this reporting must be done by the 2nd tier LLC. The casino LLC would have no way of knowing what ownership interest a 2nd tier owner would have in the casino LLC.

Blivingston (talk|edits) said:

24 February 2012
''Bold textBold text

Blivingston (talk|edits) said:

24 February 2012
''Bold textBold text
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