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- Partnership dissolution: j/e for equity accounts
Partnership dissolution: j/e for equity accounts
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dbtaxsolutions
Level 4
03-11-2022
08:49 PM
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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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jeffmcpa2010
Level 11
03-12-2022
04:43 AM
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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.
