partnership - right to access financial records.

I need legal advice. I am a part owner of a family business in the state of oregon, usa. shares were issued to all members of the family. for over 7 years, I have requested that my family send me copies of all the financial records of the family business on an annual basis. .when I say financial records, I mean annual tax returns, balance sheets, income statements, etc.. for over 7 years, except for an occasional K-1 statement, I have yet to see any financial records sent to me. in fact, all members of the family have ignored me whenever I have asked for access to all the records. what can I do?

I spoke to a friend of mine who is a tax accountant, and he said that what they are doing is against the law. according to my tax accountant friend, their denial to provide me with this financial information is preventing me from filing accurate tax returns. is this true? is it true that I have the legal right to receive copies of all the financial records like tax returns, balance sheets, income statements, etc. if I request it? any info would be most appreciated. thank you. if someone knows of any way via the internet that I can contact an irs agent to ask them these same questions, please do forward that info to me. thanks again.

sincerely....

> > >
Reply to
bingsell
Loading thread data ...

You may obtain copies of the returns (at $39 each) by filing Form 4506, available at

formatting link
Fred F.

Reply to
TaxSrv

You can also see a lawyer, who will help you get copies of everything to which you are entitled. Stu

Reply to
Stuart A. Bronstein

I don't think so, Fred.

He referred to it as a "family business". This does not mean its a partnership (in which case he could qualify to receive the 1065, or a sub s corporation, in which case it's "like" a parternship, but not a partnership, so I don't know whether a shareholder could qualify to receive copies of the 1120S. If the family business is a corporation and he's not an officer or director, but "just" a shareholder, I'm pretty sure the answer is no. ChEAr$, Harlan Lunsford, EA n LA Sat 12 Mar 2005

Reply to
Harlan Lunsford

But section 6103(e) says disclosure is permitted, Harlan; S-Corp - anybody on a K-1, C-Corp - 1% or more S/H. I checked IRS' Manual on irs.gov, under disclosure, and for a S/H it looks like they want you coming in with a disclosure request, not merely Form 4506. For an S-Corp, you're entitled to the full document (minus probable redactions, like other S/H SSN's), under the Privacy Act alone. For C-Corps, I can see a possible reason for not "advertising" on Form 4506. A 1% institutional investor et.al. can obtain an 1120 copy of some pretty big companies, and typically containing lots more financial detail than required in even SEC filings! Fred F.

Reply to
TaxSrv

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.