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paulaaughenbaugh
Level 2
May 25, 2020
Question

Recourse debt

  • May 25, 2020
  • 1 reply
  • 14 views

Loans from partners posts as recourse debt but error message says "The program will not allocate recourse debt to LLC Members. Either reclassify the debt as nonrecourse or enter a special allocation code to indicate how the amount should be allocated" - What is the allocate code?

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1 reply

Accountant-Man
Accountant-Man
Level 13
May 25, 2020

Not at my PC. Go to the schedule k to find the total amount. Enter a number that agrees with the allocation codes on the k1 worksheet. Enter the specific amounts which belong to each partner.

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