No. of Recommendations: 0
We dissolved (sorry - had to!) our small investment club at the end of 2000. I am working on filling out our PA state taxes, but I'm hung up on the end of the PA-65 form. Since we dissolved the club, we sold our stocks & distributed the gains among the members. Seems like I should be recording our gains in Part VII - Partnership Distributions (as well as on line 9 'Total Income'), but I'm not sure.
If so, under which category? Line 21 'Return of Capital Distributions' OR Line 22 'Distributions in Excess of Partner's Capital'?
I'm perplexed. I also sent an e-mail to the PA Dept. of Revenue, but I thought maybe someone here could help.
Thanks in advance.
Print the post Back To Top
No. of Recommendations: 0
Investment Clubs are not required to do any reporting or filling out of the PA-65 for Pennsylvania. That is as long as your sole activity and income was derived from investments ( no other business activity ). That should save you a lot of time and stress.

John
Print the post Back To Top