IRS Publication 541 — Partnerships
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“Conversion of partnership into LLC. The conversion of a partnership into an LLC classified as a partnership for federal tax purposes doesn’t terminate the partnership. The conversion is not a sale, exchange, or liquidation of any partnership interest; the partnership’s tax year doesn’t close; and the LLC can continue to use the partnership’s taxpayer identification number (TIN).”
Useful Items You may want to see: Publication 334 Tax Guide for Small Business 505 Tax Withholding and Estimated Tax 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 537 Installment Sales 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property See How To Get Tax Help at the end of this publication for information about getting publications and forms.
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