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
- :
- How do I close out the balance sheet on a final partnership return
How do I close out the balance sheet on a final partnership return
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
leeburke
Level 2
03-29-2021
08:59 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have 2 partners in a PA LLC, 1 partner is leaving and the other will be continuing as a single member LLC. So the building, land, depreciable assets and all equipment loans are staying with partner 1. I went into each asset entry worksheet and went to Dispositions and entered 6/30/20 and asset sales price as zero. This resulted in all these assets going onto form 4797. Am I proceeding correctly and what will be my next steps.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
IRonMaN
Level 15
03-29-2021
09:05 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Leave the sales price blank - don't enter zero.
Slava Ukraini!
