oHG translates to general partnership in English.
September 11, 2013 | 35,00 EUR | answered by Dipl.-Kfm. Frank-Olaf Illiges
Factual situation: Partnership with 2 partners. One of them wants to exit as soon as possible. Both have carryforward tax loss credits.
A business property was sold this year, with a right of withdrawal. Payment is expected around May 2014. The sale will result in a capital gain that will absorb the tax loss credits of both partners.
When can the second partner exit as soon as possible?
Dear inquirer,
Thank you for your inquiry, which I am happy to answer taking into account your efforts and the rules of this platform.
Please note that my explanation is based on the facts presented, and that adding, omitting, changing information, or the ambiguity of information can change the tax result.
In general, the sale of real estate is recognized as a success in the overall balance sheet of the general partnership at the time of the transfer of benefits and burdens to the sold property. The payment of the purchase price is therefore not relevant for the success presentation in the balance sheet.
If a partner exits during the year, the current profit must be determined and distributed to the partners up to the partner's exit date. The partner can therefore only leave the partnership after the transfer of benefits and burdens, as well as after the expiration of the period in which the buyer can withdraw from the purchase contract, in order to offset his loss carryforward with the share of the current year's profit at the time of his exit.
Best regards,
Dipl.-Kfm. Frank-Olaf Illiges
Tax consultant
Am Wieksbach 55
33378 Rheda-Wiedenbrück
Phone: 05242/4055666
Fax: 05242/4055677
Email: office@illiges-steuerberatung.de
Website: www.illiges-steuerberatung.de
