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Posted by Paul Thomas on March 16, 2008, 6:26 pm
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> I have a situation where I had invested $20K in a real estate
> investment partnership. The type of corporate structure was a nevada
> LLC. The managing partner of the LLC has since absconded with all the
> relevant records and doesn't return phone calls. He did however send
> out 2006 K-1 that show zero profit and loss, because there was no
> distributions.
"Because there was no distributions" is not a valid reason to send out K-1's
showing all zeros.
There may very well have been profits or losses of one kind or another.
> However, over period of 3 years, the investment has
> resulted in a loss of $8K, the partnership was dissolved and partner's
> remaining equity has been distributed. So to cut the long story short,
> there are no statements with the final accounting or K-1's for 2007
> sent out. Since the partnership dissolved, the managing partner has
> ceased to be responsive to demands for final accounting/K-1's. What
> options do we as partners have?. Thanks for suggestions.
Talk to a lawyer.
--
Paul A. Thomas, CPA
Athens, Georgia
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