Company consolidating general interest investment partnership

(“ EITF 04-5”), in determining what rights held by the limited partner(s) preclude consolidation in circumstances in which the sole general partner would otherwise consolidate the limited partnership in accordance with GAAP.This EITF issue also applies to managing members in limited liability companies.This EITF also applies to managing members in limited liability companies.The adoption of EITF 04-5 did not have an impact on the Company’s consolidated financial position or results of operations.Investments in entities which the Company does not consolidate but for which the Company has the ability to exercise significant influence over operating and financial policies are reported under the equity method of accounting.An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits.The 99 percent financial interest in profits or losses of LP held by the limited partner should be reflected in item 21 (net income (loss)).In addition, LP should be listed on the Supplement A of GP's Form BE-12B.

company consolidating general interest investment partnership-85

The 99 percent financial interest in the equity of LP held by the limited partner should be included on GP's Form BE-12B in item 30 (total owners’ equity).

affiliates that are limited partnerships or that have an ownership interest in a U. If your situation is not addressed, please contact us at A U. In addition, LP should be listed on the Supplement A of GP's Form BE-12A.

Sections A through E below describe the consolidation rules under five different sets of circumstances. The following example illustrates the reporting requirements. The 99 percent financial interest in profits or losses of LP held by the limited partner should be included in item 49 (other costs and expenses not included above, including minority interest in profits and losses that arise out of consolidation).

However, a joint undertaking merely to share expenses is not a partnership.

For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants.

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