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erubicz
Level 2
05-06-2024
04:18 PM
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I am working on a partnership return and there was a change in ownership in 2023. The partner that left has a negative capital account. Does that amount need to be distributed amongst the remaining partners? Or how do I zero out the account while maintaining tha correct balance sheet? Thank you
1 Comment 1
George4Tacks
Level 15
05-08-2024
10:13 AM
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@erubicz wrote:
I am working on a partnership return and there was a change in ownership in 2023. The partner that left has a negative capital account. Does that amount need to be distributed amongst the remaining partners? YES Or how do I zero out the account while maintaining th
ae correct balance sheet? Thank you
Everyone may have an outside basis. Did the leaving partner contribute any money? OR did they just walk out the door owing money to the partnership.
Here's wishing you many Happy Returns
