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FINAL K-1 WITH POSITIVE CAPITAL BALANCE

akeeeb
Level 1

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

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.