Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: Partnership change in ownership
Partnership change in ownership
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
erubicz
Level 2
05-06-2024
04:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@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.
Answers are easy. Questions are hard!
