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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.
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- Re: 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
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leeburke
Level 2
03-29-2021
08:59 AM
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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.
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IRonMaN
Level 15
03-29-2021
09:05 AM
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Leave the sales price blank - don't enter zero.
Slava Ukraini!
