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Business & farm
I have a similar situation. The difficulty lies in answering what happened to the prior two-member LLC, which was treated as a partnership. There is a questionnaire to indicate what happened and the appropriate choice is not there. The fact is that the other partner retired. There was no taxable transaction. The taxpayer is continuing as a single-member LLC and reporting as a disregarded entity on schedule C. The problem is in when you indicated that it is the final year for the prior two-member LLC, there is no options available to indicate what really happened here. It is asking if you sold, gifted, etc. Has anyone run into that?
‎April 3, 2020
9:06 AM