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Hi,
I would appreciate a little advice for Tax Planning purposes. I recently setup a Partnership and Living Trust for myself and transfered all assets (from my name) into the Limited Partnership. My question(s) are how do I treat matters for Tax purposes? The partnership was establsihed on May 8 so I assume all "transactions" (i.e. sale of stocks) that occurred before May 8th are to be "accounted for" on my (indivilual) Tax Return? What about any stock transactions AFTER May 8th taht are in the LP? Will I need to complete a seperate Federal Tax return for the LP? Do I pay "taxes" on Profits (from the sale of assets) taht are in the LP or do they "flow" to my personal indiviual Tax Return? My Tax Returns to date have not been "that complicated" and I have been using Quicken / Kiplinger to prepare my Tax Returns. Any advice, suggestions, recommendations, help,.... is appreciated.
Thanks,
Bob
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