Jump to content
ATX Community

anyone worked with K-1 1065 showing deferred sales?


GLJEANNE
 Share

Recommended Posts

New situation for me.  Client is a passive partner (less than 1%) in a venture capital firm that sold off a couple companies last year, in installment sales.

K-1 Line 20 P shows only the name of the companies, date of sale, and "Your share of Deferred proceeds" and "Your share of Deferred gains."

The amounts are big enough that I do want to defer them, but everything I've researched says I would need to  file a 6252 for him (which seems a little crazy that every partner would have to do that), or maybe just report the endgame, Section 453a(c)  interest of 3%.

I feel like I need a lot more info, but I have a bad habit of overthinking these things and driving myself nuts.  So is there actually a simple answer to this, like all I need to do is report the Gain times the interest rate on Sch B?

Link to comment
Share on other sites

According to everything I've found in a few hours of researching, they have to be reported.  That's why I was hoping one of us on here would have experience with this type of situation.  It can't be that unusual, just not one I've seen.

Link to comment
Share on other sites

It's deferred, but the issue is that thew partners have to pay interest on the deferral.  MY issue is I'm not sure if it's interest on the deferred proceeds, the deferred gain, or if I actually need to do a 6252 to come up with it all, in which case I need a lot more info.

I was really hoping someone here would have dealt with this situation, but I guess it must be uncommon.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...