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Posted by jessica.borger@gmail.com on January 18, 2008, 7:41 pm
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I'm filing a partnership return with 2 partners. One is an individual.
The other is a Single Member LLC under a trade name and EIN number
different than the individual himself. The owner of the single member
LLC died in February. But the partnership did not terminate as the
estate continues to share in the profits of the partnership business
in the name of the single member llc.
I understand the basic concepts with what happens when an individual
partner dies - allocating part of the income to the individuals 1040
and the rest to his estate. Therefore one K-1 would go to the SSN of
the individual and one K-1 would be issued to the Estate. What happens
if the single member llc still remains though and the estate is now
the owner and not the deceased individual? Do 2 K-1's get issued to
the trade name and EIN and the Individual picks up one K-1 and the
Estate picks up the other K-1? The Estate is technically not the
"partner" of the partnership therefore I am hesitant to change the
name of the partner.
Who get's issued the K-1 and in which name?
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