My client acquired a 50% interest in an LLC which is in the cattle business. Previously this client had a horse-raising business. This year he had a lot of horse-related expenses but no income. When I inquired, I was told that he had not bought or sold any horses this year and was now using them to round up and heard the cattle. My question is: Could he discontinue reporting them on Schedule F and show them as Unreimbursed Partnership Expense (UPE) for the LLC?
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