David Posted July 15, 2017 Report Posted July 15, 2017 A 50% member of a two member LLC agreed to sale his LLC interest to the remaining LLC member for release from debt liability. The date of the agreement is 4/3/17. I understand that a short year 1065 is due 7/15/17 and an extension should be filed by 7/17/17. All my research gives examples of more than two member partnerships/LLCs. Nothing seems to address what happens with the remaining sole LLC member. All information states that the partnership continues but in this case there is no partnership but a SMLLC. Therefore, after the short year 1065 is filed doesn't the remaining LLC member file a Sch C for the period 4/3/17 - 12/31/17? Thanks for your help. Quote
DANRVAN Posted July 16, 2017 Report Posted July 16, 2017 Partnership is terminated. Remaining partner becomes a sole proprietor. For details see Rev. Rul. 99-6, 1999-1 CB 432, 1/15/1999, IRC Sec(s). 708. Quote
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