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Debra21
Level 1
03-08-2024
11:16 AM
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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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3 Comments 3
sjrcpa
Level 15
03-08-2024
06:27 PM
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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
Level 15
03-08-2024
06:28 PM
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putitinascapitalcontributedduringtheyearandaswithdrawalanddistributionsinthem-2
iknowthisishardtoread,butsoareALLCAPS!
Answers are easy. Questions are hard!
George4Tacks
Level 15
03-08-2024
06:57 PM
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How about the interest due on such a loan? JUST ASKING (:~}
Answers are easy. Questions are hard!
