When member's withdrew from the club earlier in the year, do
we all get the same Form 1065 or is there other's form's
that should be filed and if so which one's. Also do they
each receive a deduction sheet for club expense's?

      Thank's Susan

Sue,

One Form 1065 is prepared for the entire club covering the
entire year's activities. Each person who was a member at
any time during the year receives a Schedule K-1 that
reflects his/her share of the club's income and expenses.
The numbers on the K-1 get entered in the appropriate places
on the members' Form 1040 (or associated schedules).
Additionally, any member who withdrew from the club during
the year should receive a withdrawal report that will be
useful in determining whether that member had a gain or loss
from the disposition of his/her interest in the club. This
gain/loss will be reported on Form 1040 Schedule D and
cannot be determined from the K-1 information alone.

Ira Smilovitz
Lakshmi Investments, LLC

Sue Grant wrote:
> When member's withdrew from the club earlier in the year, do
> we all get the same Form 1065 or is there other's form's
> that should be filed and if so which one's. Also do they
> each receive a deduction sheet for club expense's?
>
> Thank's Susan