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Old 07-09-2015, 09:40 AM
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K-1 received for a dissolved LLC

This Florida corporation is a unilateral partner with another corporation. We have received a K-1 from the partner but our corporation has been voluntarely dissolved in Dec 2013. Do I need to reinstate the Florida corporation in order to file and prepare the 2014 K-1s for the shareholders?

Can I just file the return as final and notified the partner that this has been dissolved?

Thanks for your help.
Georgina Martinez



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Old 07-10-2015, 03:57 PM
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This Florida corporation is a unilateral partner with another corporation. We have received a K-1 from the partner but our corporation has been voluntarely dissolved in Dec 2013. Do I need to reinstate the Florida corporation in order to file and prepare the 2014 K-1s for the shareholders?=======>>>>>>> The post-dissolution expenses / gain/losses should be included on the original 1065.In general, a dissolving corp taxed as an LLC must file articles of dissolution, which is a notice of intent to dissolve, or an equivalent document with the state secretary of state; the LLC will be dissolved and its existence ended on the date the Certificate of Dissolution is filed by the Department of State. After dissolution, the LLC/ corps can no longer conduct business, but in many states it can continue for a few limited purposes to wind up its affairs. . The final income tax returns of the corp reflect the final expenses/gain/losses you incur to close out the business, even when you file the final return after the dissolution takes effect with the state. I guess you need to contact the Dept of Rev of your state for more info in detail.
Note; an S Corp's shares cannot be owned by another corp, including other S Corps


Can I just file the return as final and notified the partner that this has been dissolved?========>>>>>>>Correct; you need to file amended 1065. Biz owners who discover errors /other information that affects past tax returns can file amended returns. How far back they can do so, and how they go about amending their returns, depends on how the IRS treats their business for tax purposes.. In addition to filing the amended return, the company must also provide the IRS updated versions of Sch K-1 of 1065, the forms that describe each partner's share of the company's profits, losses and deductions. (The box for "Amended K-1" must be checked.) Partners must also receive copies of their amended K-1 forms.



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