Discussion:Reckless Abandon...ment?

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Revision as of 21:28, 6 November 2009
Garytax (Talk | contribs)
(The other 45% in)
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RoyDaleOne (Talk | contribs)
(When a partnersh)
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{{ForumReplyPost|UserID=Garytax|Date=6 November 2009|Text=The other 45% interest is owned by unrelated limited partners.}} {{ForumReplyPost|UserID=Garytax|Date=6 November 2009|Text=The other 45% interest is owned by unrelated limited partners.}}
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 +{{ForumReplyPost|UserID=RoyDaleOne|Date=6 November 2009|Text=When a partnership interest is abandoned that interest goes to someone per the partnership agreement? To whom does it goes?}}

Revision as of 21:50, 6 November 2009

Discussion Forum Index --> Advanced Tax Questions --> Reckless Abandon...ment?
Discussion Forum Index --> Tax Questions --> Reckless Abandon...ment?

Garytax (talk|edits) said:

6 November 2009
Client is a 50% general partner and 5% limited partner in a Limited Partnership. Client would like to adandon LP interest to take loss, but would like to keep GP interest open in order to allow partnership to stick around. The GP has no capital account so it could be abandoned but it would not generate a loss.

I have not been able to find anything on abandoning limited interest and not the general interest, and it seems fine to me to abandon only the limited interest. Is the abandonment okay, or am I missing something?

RoyDaleOne (talk|edits) said:

6 November 2009
May I ask who would succeed to the abandoned interest, as it is said "this ain't a Corporation?"

Garytax (talk|edits) said:

6 November 2009
The other 45% interest is owned by unrelated limited partners.

RoyDaleOne (talk|edits) said:

6 November 2009
When a partnership interest is abandoned that interest goes to someone per the partnership agreement? To whom does it goes?
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