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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Re: K-1 form question Date: 4/5/2013 3:33 PM
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And if we have to use that extra $100.00 to buy out the other people who contend that they should have been to be added to the LLC., then what are the ramifications tax wise if any?.

Hard to say exactly, but odds are you'll end up with some kind of loss or deduction at the partnership level that will get passed down to you as a write off.

Think of it this way. What if you were the only owner? You earned $1100 from the land, but decided to keep $100 in a savings account in case there were some problems. That's effectively what happens in a partnership.

--Peter
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