[[I am the general partner of an investment club. The club is extremely small and our capital gains for 1997 was $800 and dividend income was approx $50. The money was reinvested into the market and no cash distributions have been made to the partners. I was trying to do the taxes for the club and found the forms and booklets extremely confusing. Is there any advice out there on how to tackle this problem?]]The only "other" way around it is to take the records to a tax pro to help you complete the partnership tax return for the investment partnership. I'm assuming that your club is organized as a partnership (virtually all of them are), so you'll have to deal with the rules and regulations of the partnership tax return (Form 1065), and you'll need to issue Form k-1 to each partner in the partnership.For some additional help, see IRS Publication 541. But if you are still confused, you'll have to get professional help.TMF TaxesRoySPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)
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