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Unrealized Gains on Market Investments on the Balance sheet of Partnership

meyercpa
Level 1

Hello, 

I have a Limited Partnership client that owns approx $280k in stocks and futures. The value at the end of the year includes $18k in unrealized gains. When completing the tax return do I lower the carrying value on the Balance Sheet or report the unrealized gains on an M-1 adjustment? Thank you for any guidance on this!

 

 

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1 Comment 1
sjrcpa
Level 15

Depends on your accounting method. Be consistent from year to year.

The more I know, the more I don't know.