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Thanks all. I mentioned the tax attorney because of the magnitude of the misallocated losses and because we are representing the TMP personally and he benefited from the mistake. He had about $400k of basis from a nonrecourse SBA loan a few years ...
Chad, Sounds like the partnership is closing down in 2026. The final return will be due on the 15th day of the third month after closing. Often this is a short period return as you close in, say, September 2026 and the return for 1/1/26 - 9/30/26 is ...
Chad, It appears that much of this exposure has to do with that 30/60% partner who was misallocated most of the losss. I assume that he did not claim any of the losses on his individual 1040 due to lack of basis. You ask about consulting an attorney. ...
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