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Returning Member
posted Mar 12, 2021 1:13:10 PM

Which date should be used for the date of ownership change?

Had a two-member LLC partnership. One owner was removed in 2020. TurboTax is asking me the "Date of Ownership Change", which date do I use? The date the AZ corporation commission approved the change or the date we agreed to do the change? Both are two very different dates and will impact him on his K1 since there was a profit recognized. But, I want this to be right.

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1 Replies
Expert Alumni
Mar 15, 2021 11:19:56 AM

You should check with a legal authority in Arizona to determine the legal effective date. 

 

This is a legal question, not a tax question.