Discussion:Husband/Wife multiple LLCs and proper tax reporting
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| Revision as of 05:57, 12 April 2009 SherrieL (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 12:27, 12 April 2009 Bjeter (Talk | contribs) (You have a techn) Next diff → |
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| {{ForumNewPost|UserID=SherrieL|Date=12 April 2009|Text=If an LLC (LLC #1 for purposes of this discussion) was previously owned by a husband (50%) and wife (50%) in a non-community property state and was filing a Form 1065, and the same husband and wife formed an LLC (LLC #2 for purposes of this discussion) which now owns 100% of LLC #1, how should this be reported? Technically shouldn't file the 1065 with only one member, although it is really still owned by the same husband and wife as before. }} | {{ForumNewPost|UserID=SherrieL|Date=12 April 2009|Text=If an LLC (LLC #1 for purposes of this discussion) was previously owned by a husband (50%) and wife (50%) in a non-community property state and was filing a Form 1065, and the same husband and wife formed an LLC (LLC #2 for purposes of this discussion) which now owns 100% of LLC #1, how should this be reported? Technically shouldn't file the 1065 with only one member, although it is really still owned by the same husband and wife as before. }} | ||
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| + | {{ForumReplyPost|UserID=Bjeter|Date=12 April 2009|Text=You have a technical termination the day LLC #2 became the 100% owner of LLC #1. LLC #2 needs to file a final return as of that date. LLC #2 is now a disregarded entity and LLC #1 is a partnership unless the husband and wife elect to be treated as something other than a partnership.}} | ||
Revision as of 12:27, 12 April 2009
Discussion Forum Index --> Basic Tax Questions --> Husband/Wife multiple LLCs and proper tax reporting
Discussion Forum Index --> Tax Questions --> Husband/Wife multiple LLCs and proper tax reporting
| 12 April 2009 | |
| If an LLC (LLC #1 for purposes of this discussion) was previously owned by a husband (50%) and wife (50%) in a non-community property state and was filing a Form 1065, and the same husband and wife formed an LLC (LLC #2 for purposes of this discussion) which now owns 100% of LLC #1, how should this be reported? Technically shouldn't file the 1065 with only one member, although it is really still owned by the same husband and wife as before. | |
| 12 April 2009 | |
| You have a technical termination the day LLC #2 became the 100% owner of LLC #1. LLC #2 needs to file a final return as of that date. LLC #2 is now a disregarded entity and LLC #1 is a partnership unless the husband and wife elect to be treated as something other than a partnership. | |
