50/50 Partnership Income Tax Question
I had a business with a friend. A 50/50 partnership. The business ended up failing. My partner never paid taxes on the business and now the IRS is coming after me. Is there anything I can do?
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When trying to figure out partner capital accounts, would rental income be included in partnership income and then allocated or would the two be allocated separately?
1)IF THE PARTNERSHIP FIRM HAVING LOSS FOR THE AY 2011-12 WHICH FORM WILL BE APPLICABLE.2)IF THE ASSESS SHOWING INCOME LESS THE 8% WHAT IS THE PROCEDURE.
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