Where are you career-wise? Are you an aspiring CPA? Have you taken an accounting course dealing with partnerships?
Your question is more complicated than you appear to realize, and I hope you can get educated before you make a serious error.
The OP must not be a serious tax preparer.
ok there is a huge misunderstanding. i know how to make line 14 and line 22 equal i just want to know what are the calculation steps on how to calculate partner capital account which you put on the beginning capital in screen 28
Its a fresh new return how to do it for it
I assumed that he/she is doing a first-year return.
So there is 142000 in liability, 38000 in assets and 172648 in depreciation and 5729 in accumulated depreciation.
total assets = 204919 line 14 on balance sheet sch l
i need to know how to claculate for line 21 the partner capital account
Beg Cap + contrib - withdrawal +/- current year activity.
thats what I followed and i got 43993 which is right
but in this case for my own knowledge is is beg cap is the assets ??
"If it is a fresh new return wouldn’t beginning equity be zero?"
of course, you are right. But for some reason I had an intuition that he was doing a 1st year return.
My guess is that he works for a firm, and this is a trainer tax return a partner gave him and he doesn't want to ask his colleagues out of embarrassment. (That was me 30 years ago.)
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