ShellySB
Level 1
05-17-2021
02:34 PM
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Thank you, that is helpful.
So what I had to do is enter the % that PS prompts in the Intial/Ending % column and it prefills ALL (Profit/Loss/Capital lines) and then I can manually change the Capital Line to ZEROS.
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
ITEM J
The ending percentage share shown on
the Capital line is the portion of the capital
you would receive if the partnership was
liquidated at the end of its tax year by the
distribution of undivided interests in the
partnership's assets and liabilities. If your
capital account is negative or zero, the
partnership will have entered zero on this
line.