qtp-clayton
Level 2
03-13-2021
10:52 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My S-Corp client is a partner and we recently received the K-1 from the partnership. I am out of balance by the amount of my distributions from the partnership to the s-corp, box 19A. Any ideas?
Best Answer Click here
Labels
rbynaker
Level 14
03-13-2021
11:31 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Through the magic of double-entry bookkeeping that means you're off somewhere else too.
Dr. Cash
Cr. Investment in XYZ Partnership
To record XYZ Partnership distribution
abctax55
Level 15
03-13-2021
11:55 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
delete
HumanKind... Be Both
qtp-clayton
Level 2
03-14-2021
11:55 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hit me on the way home...where in the world is the other half of this? The answer...ownership interest wasn't reported on the balance sheet that was provided to me.
Thank you for your help. Now to see what else they omitted 🙂
