Clyde sold his 5 percent interest in Bluegrass Developers, LLC this year, recognizing a profit of $54,000. The LLC made the election several years ago to be treated as a partnership for purposes of the federal income tax. How soon must Clyde inform the partnership that he sold his interest therein?

Answer rating: 100% (QA)

Clyde must inform the partnership of his sale of interest in Bluegrass Developer... View the full answer