LLC Member Draws?

USA Discussion in 'Businesses / Corporations' started by boston, Jun 18, 2018.

  1. boston

    boston

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    Both LLC general partners withdraw funds from the LLC monthly for personal use foregoing self employment payroll taxes. Is the treatment of nonpaying payroll taxes on the withdraws correct or do the withdraws fit the criteria of non-liquidating distribution payments from the partnership to general partners resulting in a nontaxable transaction to the extent of the basis?
     
    boston, Jun 18, 2018
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