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Partnership does not have beginning partner interest

entitled tax
Level 1
 
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4 Comments 4
sjrcpa
Level 15

Zero.  Or -1 in software speak.

 

The more I know, the more I don't know.
itonewbie
Level 15

-1, as Susan says.  ProConnect Tax and Lacerte speak the same language.

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Still an AllStar
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entitled tax
Level 1

Sorry, I wasn't clear. I have a partnership (42 partners in total) that was established in 2012. The managing partner did not keep a running balance of partnership interest or bookkeeping. All I have is the ending capital balances from the prior year's K1. I tried to add up all the ending cap balances, then break them down by percentages on the special allocation... Nothing will add up to 100%. I do have the cap table but these are the initial interests of the partners. Please advise. Thank you for your help.

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sjrcpa
Level 15

Then your math is wrong. The total of the capital accounts is 100%. Each partner's capital account balance divided by the total is their %. Except for rounding they will add to 100%.

The more I know, the more I don't know.