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D
dbtaxsolutions
Level 6
March 12, 2022
Question

Partnership dissolution: j/e for equity accounts

  • March 12, 2022
  • 1 reply
  • 4 views

How do I clear the equity accounts in the books ( do they go in as P & L item or are they adjusted in the tax return itself in proseries). ?

Thanks for any guidance.

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1 reply

J
jeffmcpa2010
Level 10
March 12, 2022

I always complete the accounting entries using my OLD "accounting theory classes" (From a long time ago) before I even start trying to fit in onto a Tax Return in this situation.

Just work through it on a Trial Balance or GL and get everything correct and in balance and that may clear up how to report it on the return.

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