User talk:Vermontcpa
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You do realize that you are enrolled to practice before the IRS by virtue of your CPA ?
Yes I know. Its slow right now and I felt this was a good way to brush up on tax before the new season. I figure I will benefit professionally with the additional credential as well.
Form 8824/4797
Hello Vermont CPA
I am working on a LLC tax return for a Partnership (Form 1065) and they have done a 1031 exchange this year for business real estate property. I have recorded the 1031 exchange on form 8824 and it appears correct as they have a deferred gain on line 24 and their basis in new property is adjusted accordingly. I am now not sure how this flows to form 4797. I have included on line 5 and 16 on form 4797. It then flows to line 10 on form 1065 schedule K as 1231 exchange and then on individual k-1's on line 10 net 1231 gain. I am not sure if this is correct as I believe since it is deferred that it should not be reported on the individual k-1's at this time. Please help.
thank you,
