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- Schedule L out of balance
Schedule L out of balance
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Chandra
Level 1
04-28-2020
11:24 AM
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Partnership got K-1 from other partnership with ordinary loss of $25809 and rental real estate loss of -14258 and no distributions. Balancesheet as $600k in other assets(Investment into other partnership).
With the loss partners capital accounts is now $565245 and assets is $600000. How do i balance this.
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1 Comment 1
abctax55
Level 15
04-28-2020
11:27 AM
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You need to adjust that $ 600,000 investment for the current year activity, including income/loss/non-deductibles/distributions.
HumanKind... Be Both
