by The TaxResearchPro Team | Mar 20, 2018 | Business Tax
artnership formed in the US; has two partners one partner is a resident the other partner is a nonresident US partner. The partnership will be fifty – fifty ownership but the foreign US partner share losses and gains of the partnership is 0% for now as the resident partner performs all the services.
by The TaxResearchPro Team | Feb 24, 2018 | Business Tax
I have a client who is a partner in a partnership that would like to compensate an outside independent contractor with ownership in the entity. Would it be possible to treat the ownership interest as guaranteed payments?
by The TaxResearchPro Team | Feb 14, 2018 | Business Tax
If a partner transfers his interest into his trust, should there be two K-1 forms issued? Also, is Form 8308 required to be filed? I’m the accountant for this client.
by The TaxResearchPro Team | Oct 28, 2015 | Business Tax
For unreimbursed partner expenses, I know that the partner can claim these expenses on Schedule E of their individual tax return. However, where does a shareholder claim unreimbursed business expenses?
by The TaxResearchPro Team | Oct 26, 2015 | Business Tax
My client purchased the entire interest in a partnership on December 31, 2014, the last day of its fiscal year. Technically, the sale occurred at 11:59 pm so that there would not be any allocation of profit and loss from 2014.