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Question

Am I Material Participate on k-1 from if I am a full time employee (working more that 500 hours/year) but am a Limited Partner?

Forum|Forum|1 year ago
April 4, 2025
1 reply
0 views

This is not a public company and these are promised shares once the company becomes public. So all earnings on the form are 0.

As a rule, limited partners are not considered active. There is an exception however if you materially participated for the previous five years out of ten years for a normal company or three years for a personal service company. Also, the work must be work typically done by the owner, not work done to simply qualify as an active participant.

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