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Debra21
Level 1
March 8, 2024
Question

1065

  • March 8, 2024
  • 2 replies
  • 4 views

1065 MEMBER DEPOSITED MONEY TO START UP PARTNERSHIP   DURING THE CALENDAR YEAR THEY REIMBUSED THEMSELVES   WHERE DOES THIS GO ON 1065 AS A LIABILITY

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2 replies

sjrcpa
sjrcpa
Level 15
March 9, 2024

The initial cash influx is Loan from Member.

The repayment (reimbursement) reduces that liability. 

If it was all paid back during the year you end up with a zero balance which goes nowhere on the Balance Sheet.

The more I know the more I don’t know.
    George4Tacks
    George4Tacks
    Level 15
    March 9, 2024

    How about the interest due on such a loan? JUST ASKING (:~}

    Answers are easy. Questions are hard!
      George4Tacks
      George4Tacks
      Level 15
      March 9, 2024

      putitinascapitalcontributedduringtheyearandaswithdrawalanddistributionsinthem-2

      iknowthisishardtoread,butsoareALLCAPS!

      Answers are easy. Questions are hard!
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