Hi All,
I have a client who is getting a divorce. They are partners in a california LLC Partnership. I found out today that the wife has give up all interest in the partnership as of the end of 12/31/2017. I have not filed their 2018 partnership yet. My questions is the following:
1. How do I report the partnership terminated as of 12/31/2017? Do I go back and amend the 2017 partnership and just terminate the 1065 for fedreal and leave the california 568 active. Then in 2018, just file a single member 568.
2. If I go back and amended do I show the distribution of all assets. It's about $42K.
3. Is there an easier way of doing this?
Thanks
Ron