grandmabee Posted September 13, 2010 Report Share Posted September 13, 2010 llc filing 1065. long haul trucker. purchased truck on contract and now in 4th year business slow and gave truck back could not get enough work. Fully depreciated truck. still a balance on contract. lien holder took truck back and cancelled debt. so.... I have cancellation of debt at partnershi level for the balance of the contract. 2010 we are closing the partnership return no activity after truck was gone. Still paying some back expenses. the income I report would be the balance of the note since fully depreciated and zero tax basis. Am I thinking on the right track here? Also maybe I should close the partnership as of 12/31/2009 the bills they were paying was coming out of personal accounts. appreciate any thoughts. Quote Link to comment Share on other sites More sharing options...
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