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Dec 14, 2024
12:14
:01
pm
citron
Redshirt Freshman
Only 50k? Pretty small $ to be messing around with special allocations and
amended partnership agreements.
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citron
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citron
Joined
May 3, 2022
Last login
Dec 14, 2024
Total posts
192 (1 FO)
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Messages
Author
Time
Tax question I don’t know the answer for and not sure where to look
Acorn
9:15am
You know that you’re the guy we turn to with these types of questions, right?
TwinsRight
9:16am
Love to help people but this one is a bit out of my range. Tricky question that
Acorn
10:37am
I don’t see what the problem would be but would ask an accountant ultimately.
bluecougar1985
9:19am
What does the partnership agreement say? Also have to consider self employment
Chester Copperpot
9:19am
This
Taxrulz
10:18am
Partnership agreement can be amended. Both are subject to identical self
Acorn
10:47am
They might not be subject to the same SE taxes based on the wages of the
Chester Copperpot
11:52am
This isn’t my first rodeo. Thanks for the second paragraph.
Acorn
1:20pm
You can have shifting allocations in an LLC (partnership). Like mentioned, what
JB2JH
9:26am
If the individual receiving the additional income is also going to receive
JB2JH
9:33am
Agree. Partnership can allocate as they wish but it needs to reflect the actual
citron
9:40am
This can be covered based on reported time spent time spent
Acorn
10:35am
Are you saying the lower tax bracket partner would receive the taxable income
JB2JH
10:53am
You can if you want to spend some time in Sing Sing.
TeeKaa
11:09am
I didn’t ask him how they would true up the balance. The only way I could think
Acorn
1:14pm
Only 50k? Pretty small $ to be messing around with special allocations and
citron
12:14pm
Understood. They’re bootstrapping everything right now and if they could save
Acorn
1:23pm
Great stuff. Thanks for the link. I will read it.
Acorn
10:44am
Yes the IRS cares about allocations
TeeKaa
9:53am
This is good advice
Taxrulz
10:23am
Exactly. From this slightly above average run of the mill CPA…me
Acorn
10:43am
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