Minnesota | Tax Law
Legal Question
Burnt-out Tax Shelter Letter
I received a letter from a company ''inform[ing] [me] of an opportunity to sell [my] limited partnership interest'' in an investment transaction I was a part of some years ago. The letter goes on to state that this company has a corporate investor interested in acquiring LP interests in ''burnt-out tax shelters[] which now generate 'phanton income.''' This program, they claim, has created a market for investors who lack the ability to change the circumstances surrounding the illiquid nature of these partnerships.
The letter describes the typical characteristics of a pre-1986 Tax Reform Act LP and states that, because of the ''unique position'' of the corporate investor they've located, this investor is able to justify paying a higher value for my LP interest than others are willing to pay.
I am asked to call if interested and to send, via an enclosed envelope, a copy of my most recent K-1 (I am instructed to black out my social security number).
I noticed you responded to a similar internet inquiry on Oct. 4 of this year. Does this sound legitimate to you? I had never heard of a ''burn-out tax shelter'' before I received this letter.
Any insight you might be able to share would be greatly appreciated
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Read More Answered By: Matthew Kelly |
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