taxguyak
Level 3
03-07-2021
07:46 PM
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In schedule L the beginning retained earnings should be 0, but do I need to factor in the owner's equity from the Sole Proprietorship? 3-31-2020 the Sole Proprietorship changed to an S-Corp. After that there were distributions of $600,000 which would make the ending retained earnings on schedule L a highly negative number.
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