nancy2
Level 5
02-20-2021
02:10 PM
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I simply changed the PY capital accounts number on Sch L to the amount reported on the 2019 Sch L. That immediately flowed through to everything else and now I am in balance. Someone indicated that Sch M-2 was supposed to be tax basis. I can't figure out how to do that and have things balance out. If anyone has any thoughts on that I'd like to hear them. Otherwise, Sch M-2 will be in agreement with the books. The individual partners capital accounts on the K-1s will be their tax basis.