InstantForum.NET v4.1.4California Society of CPAshttp://forums.calcpa.org/forums@calcpa.orgFri, 19 Mar 2010 00:02:09 GMT20http://forums.calcpa.org/Topic781-2-1.aspxnope, still community property- in a living trust.<br>thx for the cite. i will forward it on to the attorney-<br><br>[quote][b]John Jacobson (7/24/2009)[/b][hr]Mike, out of curiosity, do your clients want the membership interests to be separate property?<br><br>Does the attorney know about Rev. Proc. 2002-69?[/quote]Thu, 30 Jul 2009 09:08:13 GMTAllmonhttp://forums.calcpa.org/Topic781-2-1.aspxMike, out of curiosity, do your clients want the membership interests to be separate property?<br><br>Does the attorney know about Rev. Proc. 2002-69?Fri, 24 Jul 2009 19:27:04 GMTJohn Jacobsonhttp://forums.calcpa.org/Topic781-2-1.aspxMost of my LLC clients with a living trust as the only member, file a CA return only. I do have one where there is no trust and we prepare Form 1065 with a K-1 for each spouse. I acquired an LLC from another firm. They prepared Form 1065 showing the husband as a 100% owner and the wife as a 0% owner to indicate that the LLC was separate property.</P><P>I don't see how there could be a problem in any case. Attorneys send bills when they think the CPA has prepared a return incorrectly. Sorry - I'm being cynical today.Fri, 24 Jul 2009 19:15:44 GMTMary Kay Fosshttp://forums.calcpa.org/Topic781-2-1.aspxmy experience is that several of our married clients who have LLCs want them to be two member so that the LLC files its own returns (to keep details off of the personal returns).<br>in the past I have shown the owners as husband and wife as trustees- and use two k-1s. i have never had this questioned by any taxing authority (no surprise there, since they do not understand trusts of any type!).<br>but, i just had an attorney tell me that this is not correct- his solution was to make .10% as joint tenancy and the rest as the living trust (so that there would be two partners).<br>guess i do not see the downside- worst case, can not imagine IRS getting upset that we filed a return that we did not need to file !!<br><br>is this attorney being too picky?<br>anyone have other solutions?<br>Wed, 15 Jul 2009 13:46:09 GMTAllmon