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 ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries 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
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Accounting entries for the seller's capital & basis accounts in a partnership
Accounting entries for the seller's capital & basis accounts in a partnership
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
BillSittig
Level 2
02-16-2022
02:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Partner 1 (a partnership) sells his 50% interest to Partner 2 (an individual) for cash, all outside of the main partnership. What entries do I make on the main partnerships books to reflect the sale? What do I do with the sellers (Partner 1) balances in their capital account, which is larger than the sale price? Same question about the basis for the seller, (Partner 1); what do I do with it?
Thanks.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
