Hi! I need some help please. We are a foreign corporation, who purchased a bar (X Bar), then formed an LLC ( ABC LLC) together with the owner of the bar. We owned 99% shares in the LLC & the remaining 1% owned by the other partner. There were no profits gained, after 6 mos, we decided to sell our 99% shares back to owner. The ABC LLC and X Bar remains as usual, we only sold our 99% shares, 50% to the other partner holding the 1% shares so in total she have 51% and the remaining 49% were sold to her bf. In addition, we lend them some money in order for them to continue the operation since there were no profits. But they never paid us.

We formed an LLC around October 2010. Our company, as a foreign corporation filed our tax returns last year (Jan-Dec 2010) on March 2011 attaching the LLC's K1 because we're the major shareholder.

For this year 2012, we need to file our tax return for Jan-Dec 2011. We sold our shares on March 2011, and we need to reflect those losses in our filings, but we never received K1 and we have no contact from them. We have no idea if they're filing or not. How can we reflect those losses without K1? Is it possible?

Any advise please? We only have their promissory notes and the lawyer's letter for not paying us.

“ We sold our shares on March 2011, and we need to reflect those losses in our filings, but we never received K1 and we have no contact from them. We have no idea if they're filing or not. How can we reflect those losses without K1? Is it possible?”---> I guess the IRS isn't going to be happy about it. You need to call or write or try to find(contact) them out /to them and inform them that you're going to file Form 8082 to notify the IRS that you haven't received your tax forms and so have to estimate your K-1 income.If you can , then try to tell them that you're letting them know so that they aren't surprised when the IRS contacts the LLC.Chances are, they'll send your K-1 over lickety-split. No one likes dealing with the IRS, and they don't need to know that it's unlikely the IRS will actually contact them. However, if they still don't send the K-1, then actually do that. Estimate the amounts on the K-1 and file form 8082 to explain the circumstances. Then, if you do get your K-1, simply file an amended return with the correct amounts. You also need to check with your state's income taxing authority to see how a change in your federal income tax might affect your state taxes, and how to file an amended state tax return.Partnerships do have until April 18th to complete their tax returns and distribute the K1's to the partners.