jklcpa Posted April 6, 2013 Report Share Posted April 6, 2013 This is a partnership whose sole purpose is to hold several life insurance policies that would fund the stockholder redemption of a C corp. Partnership and C corp owned by the same person(s). The policies were transferred out of the corp to avoid the AMT on the proceeds on death. The policies are old ones that have a lot of cash value and dividends that cover a substantial portion of the premiums. The only items on this return are a small amount of bank charges and the nontaxable increase in value. So I put the business code as 999999-Unable to classify, but what of the description? Hold an investment? And there is no product or service, so what to put there? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 6, 2013 Report Share Posted April 6, 2013 Good a description as I can think of. As for the Service, how about "appreciation" ? Quote Link to comment Share on other sites More sharing options...
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