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Business & farm
Well you have a number of issues that need to be addressed:
- You have a termination of the multi-member LLC when that occurred and you would have had a final return due the 15th day of the third month after that occurred. This means your return is technically late; almost a year late.
- This also means that you would be reporting the full year activity on your 1040 Schedule C.
- Depending on what was held by the LLC, you may could have either a step-up or step-down on one-half of the assets held by the LLC.
- As a result of number 3, this means that your depreciation schedules would have to be updated to reflect the step-up or step-down.
- Attached is an IRS Revenue Ruling that discusses your facts and you are situation 1.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 6, 2019
9:34 AM