Discussion:Two Schedule K-1's from same partnership

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Discussion Forum Index --> Advanced Tax Questions --> Two Schedule K-1's from same partnership


Discussion Forum Index --> Tax Questions --> Two Schedule K-1's from same partnership

NWTaxPro (talk|edits) said:

12 October 2010
Client received two schedule K-1's from the same partnertship reported two sets of numbers. They are both for 2009 and neither is an corrected version of the other. Is this an accounting error or is there a situation where this could actually be legit?

Doug M (talk|edits) said:

12 October 2010
Sometimes, you have a partner who is a GP and an LP in the same partnership. I usually see this in family limited partnerships when wealth transfer/planning is main objective.

I will issue 2 separate K-1's, one for the GP share, another for the LP share. Is this possibly what you have going on?

Death&Taxes (talk|edits) said:

12 October 2010
Check the dates at the top; one PTP a client has issued one for five months, and a second for the last seven months.

NWTaxPro (talk|edits) said:

12 October 2010
Thanks for your responses. When I looked at it closely, I found that Doug is correct - the client is a GP and an LP in the same partnership. I will enter both statements and assume they are correct. They are both for the whole year.

BTW, this is one of those oil companies who solicited this investment on the phone. My 70+ year old client agreed to give them 40K almost all of which he has lost. Makes me mad when it seems these companies are targeting the pockets of the elderly.

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