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Posted by taxxcpa on February 9, 2007, 12:49 am
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My client acquired a 50% interest in an LLC which is in the
cattle business.
Previously this client had a horse-raising business. This
year he had a lot of horse-related expenses but no income.
When I inquired, I was told that he had not bought or sold
any horses this year and was now using them to round up and
heard the cattle.
My question is: Could he discontinue reporting them on
Schedule F and show them as Unreimbursed Partnership Expense
(UPE) for the LLC?
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