| |  |
| Home | Law Advice | Insurance Advice | Community |
|
| |
| ||||||||||||
| |||||||||||||
| |||||||||||||
| |||||||
| | |
 |
| | LinkBack | Thread Tools | Rate Thread | Display Modes |
|
#1
03-19-2008, 03:07 PM
| |||
| |||
 Dissolving LLC PartnershipWhat is the name of your state? Washington Hi, I ended a partnership in a small online retail business in June of 2007. My partner bought out my share of the business for $20,000 -- he gave me a check for it in one lump sum. How can I declare this income, must it be capital gains, or misc income, or? If there are options, which might be most advantageous? Thanks so much for your help. Last edited by playon; 03-19-2008 at 03:09 PM. |
|
#2
03-19-2008, 06:12 PM
| |||
| |||
| Capital gains with additional income if your inside capital account is negative and with your outside basis used as the "cost".
__________________ When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it. --W. T. Pooh (aka A. A. Milne) Last edited by tranquility; 03-19-2008 at 06:14 PM. |
|
Linear Mode
