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- Partner buying out another partner
Partner buying out another partner
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Mary SASLLC
Level 4
yesterday
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How do I record a partner buying another partner out in a 1065 ProConnect Tax Online. The buyout happened Jan 2024. There were 2 partner, one bought out the other and this is their final 1065 return for the business. I want the capital basis to appear for both in the beginning but ending capital should only be for the remaining partner. Any volunteers!!!!
Please be nice, We all learn everyday 🙂
2 Comments 2
Mary SASLLC
Level 4
yesterday
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Thank you for your response. I was able to increase the partner that bought the other one over, capital. However, I don't know how to make sure the partner that was bought, balance reflects zero . His ending capital still shows the value even though we have increased the other partner's capital. and all the ending balance for the profit sharing loss and capital percentages have been updated to zero.
