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Partnership K-1's
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MG49
Level 1
03-01-2021
08:52 AM
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Partnership K-1 capital accounts are supposed to shown on a tax basis this year. The total of the capital accounts flow into the balance sheet which is on a book basis. How can you accomplish this contradiction?
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1 Comment 1
kgreen8393
Level 5
03-01-2021
01:52 PM
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In screen 28 for Schedule M-2, check the box for "recompute Sc. M-2, line 3 if partnership books are NOT on tax basis".
