Jakyasar Posted September 2, 2024 Posted September 2, 2024 Hi Another new one for me (usually had multiple schedule c's with 100% ownership) Joe owns ABC LLP 50/50 with his son - no other employees. K-1 income was $250,000 for each partner. Joe owns 3 other partnerships, 50% each and other 50% is unrelated. 2 partnerships had $50,000 k-1 losses each for Joe and 1 partnership has $25,000 of k-1 income for Joe. If want to set up a DB plan for ABC LLP, what is the K-1 I can use? Thank you for your comments.
RatherBeGolfing Posted September 2, 2024 Posted September 2, 2024 Looks very straightforward to me. You use the K-1 for ABC LLP. You don't include comp from unrelated businesses. Luke Bailey, CuseFan and Bill Presson 3
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