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A
akeeeb
Level 2
April 19, 2020

FINAL K-1 WITH POSITIVE CAPITAL BALANCE

  • April 19, 2020
  • 1 reply
  • 0 views

A partner sold its interest in a partnership, and received his final k-1 with positive ending capital?

Should ending capital be zero since the interest is sold?

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    April 19, 2020

    It should but not all preparers go to the effort to zero out the capital account.

    The more I know the more I don’t know.
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