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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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Member Capital Contribution
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martin-kathryn8
Level 1
09-14-2020
06:54 PM
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When setting up an LLC my clients owed someone $100,000. Instead of paying them, they gave them "economic interest ownership" and listed this person's capital contribution as $100k in their paperwork. Since they didn't actually receive $100k how would I handle this?
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sjrcpa
Level 15
09-14-2020
08:32 PM
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Sounds like a distribution to your client.
The more I know, the more I don't know.
