generally, in a general partnership,all partners are responsible for partnership debts in accordance with their ownership interest. if one partner ends up paying the full debt, he can go after the other partners for their partnership ownership share of the debt.
by the way, in ultra tax, while the allocation debt goes by the partner's ownership share, you can certainly override it, if needed.
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Larry Prosky CPA
Prosky & Rosenfeld LLP
1025 Old Country Road
Suite 403W
Westbury, NY 11590
(516) 873-9600 X1
(516) 661-6020
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Original Message:
Sent: 02-27-2023 07:54 PM
From: Gabriel Bentovim
Subject: PARTNER SHARE OF RECOURSE LIABILITY
That was might thought Abby as well my tax program (Ultra tax ) will not let me allocate to him above his 40% so I was thinking that they might know something that I don't.
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GABE BENTOVIM
HOFFMAN & BENTOVIM, C.P.A.'S P.C.
6500 JERICHO TURNPIKE
SUITE 206
COMMACK, N.Y. 11725
(631) 499-1500 TEL
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Original Message:
Sent: 2/27/2023 7:48:00 PM
From: Abby Alhante
Subject: RE: PARTNER SHARE OF RECOURSE LIABILITY
My thought would be that the entire liability is shown, however, the share of liability would be specifically allocated to that partner who guaranteed it.
At least, in my humble opinion
Original Message:
Sent: 2/27/2023 5:43:00 PM
From: Gabriel Bentovim
Subject: PARTNER SHARE OF RECOURSE LIABILITY
IF A PARTNERSHIP BORROWS SAY $3,000,000 TO ACQUIRE A BUSINESS AND ONLY ONE PARTNER WHO IS A 40% OWNER IS THE ONLY GUARANTOR SHOULD THEIR K1 SHOW THE ENTIRE $3,000,000 OF RECOURSE LIABILITY OR JUST THE 40% OF THAT AMOUNT
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Gabriel Bentovim
HOFFMAN & BENTOVIM, CPAs PC
Commack NY
631-499-1500
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