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