cpabsd Posted July 21, 2009 Report Share Posted July 21, 2009 Client invested $75,000 in a travel club in Las Vegas during 2007. There already was an LLC in existence. My clients actually invested through one partner who owned 33% of the LLC. The K-1 for 2008 is issued in the original partner's names but provided to my client. It shows a large loss. The partner who my clients invested through took the money and disappeard. The business went belly up. How do I treat this loss? they never really owned any of the LLC per the document. Is this a business bad debt with 100 % fully deductible in 2008? There is a warrnet out for the partner who disappeard and a police report was filed. Thanks for any guidance. Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted July 21, 2009 Report Share Posted July 21, 2009 Theft loss? Quote Link to comment Share on other sites More sharing options...
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