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Business & farm
Mid year I switched from a single owner LLC to a partnership. I gifted 50% of the business to my new partner. We filed an 8832. Do I report all income pre-partnership on my Schedule C as I have in the past, and all income from date of partnership on the 1065? Also, how do I reflect the gift? Is that a loss on my Schedule C?
Thank you.
March 10, 2022
1:37 PM