VenuR
Level 2
09-22-2023
09:10 PM
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My client received a Schedule K-1 from Partnership. In it Box L gives amounts for Beginning capital account, etc. On Screen 20, I see location for entering Partner's share of liabilities, but I could not see a location where I can enter Capital account info. I would appreciate any info to direct me to locate it.
Thanks.
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Level 11
09-25-2023
09:46 AM
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You track outside basis in the section headed Basis Limitation. The partnership keeps track of the capital account.