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Dec 14, 2024
9:26:06am
JB2JH All-American
You can have shifting allocations in an LLC (partnership). Like mentioned, what
are the allocations per the partnership agreement? You can amend the agreement, but that has to be done by 3/15/2025 to be in effect for the 2024 tax year.

Look into substantial economic effect. This is a good resource-
https://www.taxlawforchb.com/2016/02/partnership-tax-allocations-follow-the-economics/#:~:text=In%20general%2C%20the%20determination%20of,the%20allocation%20must%20be%20substantial.
JB2JH
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JB2JH
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