Short Year 1065 - Technical Termination

[Robin]

I have a situation where the "technical termination" date is 7/8/16. I understand the new filing date comes to play, which is 3 1/2 months after July 31 (Oct 15th). My question is since the partnership will continue with a new partner replacing the outgoing partner, what happens to the balance sheet for the initial short year return, does it get -0- out or are the ending balances reflected as usual? My other concern is going to be how the partner's retirement plan numbers are to be reflected for this short period, as this is usually a year end calculation by an actuary (cash balance plan). To date there have been deferrals & match (which are posted to the draw account), but year end has included the cash balance plan calculation Any ideas?  (This is my first experience with a technical termination). TIA.

[jklcpa]

This article explains a lot, should get you pointed in the proper direction and answer many of your questions. Link is to an article from AICPA's Tax Advisor.

http://www.thetaxadviser.com/issues/2012/oct/clinic-story-10.html

[Robin]

Thank you Judy- I am trying to read everything I can on this topic.

-Robin