NECPA in NEBRASKA

The cats hated him at first, but the Alpha is getting closer to him. He only weighs 4.5 pounds and our smallest cat weighs 12. Yoda can't figure out why they are annoyed when he chases them or runs headlong into their side to try to get them to play. The cats are positive that he is beneath them. He really needs our son to bring back their two Great Pyrs again, because he has a blast with the youngest one. When we get moved out to Colorado, they will have fun. A Morkey is part Maltese and part Yorkie. He does have some poodle in him according to his DNA test. He does not shed and he is the faster than greased lightning.

This was my last April 15th when I have to care about anyone else's return except my own! I just finished a bunch of extensions, but I still feel like a huge weight has been lifted. This has been the worst tax season ever. I didn't think that it could ever be worse than losing my Mom, but this last five months of having my husband so sick has been the pits. It was getting so hard to concentrate and get enough sleep. We got a new puppy, too for my husband. He turns out to be a Morkey, not a Poodle but I am happier with him anyway. I am also pretty sure that he will never know to go to the door to be let out. He is way too small, anyway. At least he is very good at using pads. Between a dog and 3 cats, it keeps me busy cleaning up. I just hope that we can find a condo that will allow 4 pets when we move. It was a sad and happy day. Lots of hugs and tears, and I will miss my clients. I got some beautiful bouquets, a customer made blankets for both my husband and me and gift cards to go eat. I did get a gift that I bet none of have ever received. My clients sent me an adjustable leg rest because they know that my leg is still a mess after my scope and that I will be getting a replacement. My client had just broken his leg very badly and was using this after his surgery. I have been blessed and still have a ton of work to do. I am hopeful that my husband will improve so that I can get a part time job out of the house in anything but taxes. Thanks so much for everything. See you all soon!

I don't know what I would do without all of you and a couple of groups that I belong to on FB. I am hesitant to ask questions of some groups, but this bunch of awesome people are willing to help and be kind. All of my cronies here are dead, retired or just said that they had had enough. I hope that it's OK if I hang around here for awhile after I retire. I am just letting my permit go inactive, in case I get desperate and have to work for somebody else in Colorado.

DANRVAN, Than you so much for your advice. This mess is being fixed. The attorney is rewriting everything and keeping it so that the remaining partners did the buyout of the old partners shares. The partnership will be terminated and the bank has no problem renaming the loan to them personally, since they already had used their property as collateral. My clients are happy and I have a little less stress.

The partnership took out the loan but the bank used the partners land as collateral. There are already mortgages on the rental building. Thank you so much for taking the time to read this. The LLC is already extended, but the partner that left did not want to extend, because he owes. He is not my client. The agreements absolutely do not address that the assumption of the liabilities are consideration to him. If I am reading it correctly, he had to pay off his portion, but I will check that out with the attorney. We are supposed to have a conference call soon. Thank you again. This has been way too time consuming for this time of year.

Too bad that they don't have any equity or money in the LLC. It would be nice if people would ask for advice before they do something.

I got the sales agreement tonight around midnight. Of course, it's not written the way the LLC handled the sale. The remaining partners purchased the partnership interest from the termination partner. Yet, the loan to buy them out was made to the LLC and it is making the payments on the loan. I don't know how to handle this on the balance sheet or in the future. The really crappy thing is this all between relatives. I don't know if the attorney knows how the sale was really handled or if my clients explained it incorrectly. There was no loan papers from the LLC to the remaining partners. I hate to extend this, because the old partner really wants his K1s, but I don't know how to fix it. I did tell him to contact the attorney to see if he sees any way to remedy this. If nothing else, maybe he can write up a loan from the LLC to the partners. I am so glad that I am done after this year. The whole year has been full of weird messes. Thanks to anyone that has any ideas on anything that I am missing to report this stuff.

My client is a Texas resident. He received a NC K-1 from his father's final trust. The K-1 shows NC taxable income on Part A, but 0 taxable on Part B for nonresidents. I am trying to decide if they need to file a NC tax return of if North Carolina will see that they have no taxable income. I have checked Google and NC and I am leaning towards having to file, but I don't want to waste my time or client's money if I don't have to. Thanks, Bonnie

I get a ton, but I always can tell that they are coming through my website, because that is my only public email. I got a really detailed one yesterday about my website images violating copyright laws, blah, blah, blah. I just deleted it. The funny thing was that I had just notified the new owner that bought the website provider that I would not be renewing and it would be coming down 3/31.

Follow up. The buyout check was actually written by the bank to the leaving partner, but the client didn't show it in the check register given to me or the printout of revenues and expenses. I'm waiting on the buyout agreement to hopefully determine if the payment should be 736(a) or 736(b). I hope that it's b or it will be a huge surprise to the outgoing partner to have ordinary income. I'm pretty sure that was not the intention, but I don't know how it was written up.

Thanks for the help. It was explained to me incorrectly by the leaving partner. I should be receiving a copy of the agreement tomorrow. The partnership redeemed the interest.

Thank you. They have not given me the actual buyout agreement. It's starting to worry me a bit. I am going to ask for it again.

Partnership LLC originally had 4 partners; 2 husbands and wives. One wife passed away so her 25% went to her husband. He wanted out and made the remaining 2 partners buy him out on 12/28/23. The only assets are a little bank account, land and a commercial building. There should not be any hot assets. My dilemma is a new loan was taken out on 12/28/23 by the LLC for the buyout of the partner. There were already two loans on the buildings and land. The remaining partners did sign personally and put up their own land and house as collateral. Is the offset to this new loan a loan to partners? the LLC did not buy anything new. I have been researching this and just don't see any other way to make the balance sheet balance. I am really confused as to why the LLC is making payments for the loan. I only have two partnerships and have not ever seen anything like this. If I am way off base, please let me know and I will try to find the correct research terms to handle this correctly. Thanks so much!

That's why we need to move to Colorado. Our son DIL are there to help us. My step-daughter came over today and cleaned and dusted since I don't have a robot that can dust or clean bathrooms yet. This was a first in 34 years and I was super grateful. I highly recommend RoboRocks! I had a Roomba and a separate mop before, but they are not nearly as advanced as the RoboRock. Hubby came home yesterday with 24-7 oxygen so now I have 50 feet of tubing running through the house. I have to find a way to get it off of the floor. This is a new phase for us, but we will figure it out.

I'm glad that I'm heading out. One of my elderly clients wanted me to show her how to prepare hers online because she used to prepare hers by hand 40 years ago. She now has tons of investments and retirement income. I should have taken some of your advice and bowed out earlier, but the new medical bills are piling up. Hubby is back in the hospital again and can't come home until they can get home oxygen here. Now we have to take our puppy down to K State, for a possible liver shunt.