club_cafe: Disolution of a Partnership

iras1 on

In a message dated 09/02/2008 5:20:32 P.M. Eastern Daylight Time, khickey@bivio.com writes:

Our members voted to disolve our partnership. I have spoken
to the Knoxville Scottrade office and was told that we
should send them a copy of the minutes stating this action
is to be taken and a check request signed by the members.

We will disburse the money based on our members' units. What
action do I need to take in order to facilitate the tax
forms for 2008.

Kathleen Hickey

Just process withdrawals for each member. Make sure that you have accounted for any dividends which will be paid in the month or two after you sell the underlying stock and any future expenses. (There probably shouldn't be any expenses as each of your members can download the relevant tax documents themselves.)You can file a short year return using the tax module once you have completed all of the withdrawals.

Ira Smilovitz

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