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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    FINAL K-1 WITH POSITIVE CAPITAL BALANCE

    akeeeb
    Level 1
    ‎04-18-2020 10:21 PM

    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 Comment 1
    sjrcpa
    Level 15
    ‎04-18-2020 10:39 PM

    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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