Maria Patton
Level 1
02-08-2021
04:48 PM
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Client has GAAP books and previously reported GAAP basis capital accounts on K-1. Entering tax basis adjustment on K-1 worksheets results in Schedule L no longer matching books. But, 1065 instructions clearly state that Schedule L must match books & records.
Clearly, K-1 capital accounts and Schedule L should not be linked. Will ProSeries fix this before the filing deadline?
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