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- Partner Basis Stmt, Line 3b, fails to populate partner's prior year liabilities
Partner Basis Stmt, Line 3b, fails to populate partner's prior year liabilities
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hedgeslaw
Level 4
08-26-2024
12:51 PM
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On Form 1065, the Partner Basis Stmt, Line 3b, the program fails to populate partner's prior year recourse liabilities from the Partners' Liability Smart Worksheet that appears just below the Balance Sheet. The program DOES populate the current year recourse liability, so the Partners' Basis Statement is wacky. I should note that I did not opt to populate the Balance Sheet due to small-ish income amount and small-ish asset amount. Please populate this line on the Partner Basis Statement.
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