Living Well Fund III Limited Partnership
Living Well Fund III Limited Partnership
| New Category | LP |
| Investment Manager | Sheiner Group |
| Fund Status | |
| Archive | No |
| Custodian | Sheiner Group |
| Jurisdiction | USA |
| T1135 Reporting | Yes - requires T1135 and US tax reporting, however due to more than 10% Canadian ownership, the Partnership is obligated to file T1135. Section: Category 6 - Other property outside Canada |
| Currency | USD |
| Tax Slip | T5013 and K-1. Prepare US tax return with K1 and Canadian return with T5013. Living Well II 2016 - T5013s are to be received from the fund. The T5013s should be used to complete the Canadian return. K-1s should be provided to US tax to file the US return required for Living Well. Additionally in 2016 there is a memo associated with a loan and interest in the fund. Please refer to tax memo folder for more details. Living Well III 2016 - T5013s and K-1s are produced. Similar steps to LW II, but no memo |
| Receiver of Tax Receipt |
RFO / Client |
| Tax Slips Expected |
|
| Statements Expected |
Annual |
| Accounting Treatment |
Per T5013 or K-1. When distributions are received you will decrease the ACB of the investment until the tax information is received at year-end and then reclassify accordingly. *Requires US tax return to be filed. On July 13th, 2021, Living Well II made a distribution of $90,105 US (for every $1M commitment) to investors, this distribution was actually a loan bearing interest at the rate of 3.25% per annum. Interest will be repaid together with the loan as demanded by LP. |
| Tax Memo/ Tax Treatment |
Per K-1, prepare the US return with the information on the K-1. Per T5013, prepare the CDN return with the T5013 information and then and also offset taxes with a foreign tax credit due to the US filing |
| US Tax Return Required | Yes |
| Type | Partnership |
| Nature of Investment |
Rental income from multi-family US properties |
| Notes |