2009 1065 do I file a Sched. C for 2010?
I have a client that was an LLC that filed a 1065 in 2009. One of the partners was bought out by the other 12/31/09. Am I required to file anything other than a Schedule C this year?
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05/26/11 10:46am PDT
Viewed by asker 02/15/12 10:58am PST
Viewed by asker 02/15/12 10:58am PST
4 Replies
Charlotte256
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05/26/11 11:59am PDT
Was a final return for the partnership filed for 2009?
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05/26/11 12:01pm PDT
No final return because the business is listed as an LLC filing a partnership return. It seems to me that since there is only one member of the LLC we could just file a Sched. C.
05/26/11 11:18pm PDT
Best Answer - Chosen by the Community
If the LLC filed as a partnership with a 1065 you have to file a 1065 final return. You can't just decide to flip flop from one year to the next on the type of return you're filing. You have to show the partnership dissolved and anything related to the assetts/liabilities. Once you file a final return the agency will know NOT to look for a 1065 in the following year.
And yes, then you can file as a SMLLC on a Sch C.
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essjay
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05/27/11 4:18pm PDT
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Amend the 1065 to show that it closed 12/31/09 and check final. It does not matter that the 1065 was listed as an LLC...the LLC can "morph" to many entities in the eyes of the IRS...it is state construct, not an IRS entity.
(on occasion I have been able to make a phone call to the IRS and correct this, but amending is the correct way)
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that rnethod which best pays the treasury..." Judge Learned Hand - U S Court of Appeals
