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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.
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Transferring Capital Due to a Change in Ownership for a Partnership
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JustHave1Questi
Level 1
04-16-2022
11:24 AM
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Greetings!
On ProSeries, Form 1065 Partnerships, I have a change of ownership from a group of unitholders (partners) (LLC taxed as a partnership) to an outside party purchasing 100%.
I have completed the return. However, one final challenge.
Challenge:
1. On the K-1s, The previous partners capital accounts still have balances.
2. On the M-2, The ending balance is off by exactly the amount of the balances. (The Schedule L has the correct capital balance which is the ending capital balance for the purchasing party)
Thanks in advance for insight how to input into ProSeries ....Transferring Capital Due to a Change in Ownership for a Partnership.
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