Picked up a new client.. they brought in 2024 return and I started to onboard the return into my program so I am set to go early next year  I never saw a 1065 like this.. 

No cash on balance sheet,, nothing.. not a zero or negative (overdraft maybe) but totally blank.

Only one line of the Balance sheet has a figure.. a negative $ 995,000 on the other asset line.. the bakup schedule for the other asset line says something like "INVESTMENT IN  ABC LLC" (A different LLC) 

The Liablities and Capital secion totals negative $ 995,000 with like $ 2,000,000 in debit and a negative capital accouint line of about negative $ 3,000,000

The capital accounts from the four K-1s only equal negative that same $ 995,000 but the balance sheet capital shows negative $ 3,000,000

The clent said something how this LLC, my new client only 75% of another LLC and he will give me a

P & L and a Balance sheet and I am supposed to multiply all the figures by 75% for the return I need to complete for 2025.

Has anyone ever seen anthing liker this?  Shouldn't the capital account on the Balance Sheet = the total of the four K-1 ending capital accounts?

How can you have negative assets of $ 995,000.