LLC taxed as partnership

From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Introduction

Partnership treatment For Guaranteed Payments to partner

About the Topic

This partner withdrew $3183 as guaranteed payments and $5760 In Officers health insurance. He contributed $8080 equity for the year. My question is can these payments be considered as a return of capital to the extent of the $8080 he contributed? this would save him a fortune in SE Tax at the 1040 level!!

Personal tools

Discussion Forums