Accountant-Man
Level 12

Income passed through from the 1065 goes on the appropriate lines: other ordinary income, rental income, interest, dividends, etc. Losses ditto.

You have to adjust the investment on the balance sheet: incomes asset increases, losses asset decreases, cash distributions asset decreases(cash in bank increased when distribution was received).

** I'm still a champion... of the world! Even without The Lounge.