Anastassia
Level 1
12-06-2019
05:19 PM
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#2 is member for 3 years only, before that there were other members coming and going, that probably created some of the mess in #1 capital account. When #2 joined his contribution covered some LLC debt and remaining portion to make a distribution to #1 (who then seemed not having a basis and should have been given as guaranteed pmt instead?). Currently there is a debt in the company of about 60K, but will be forgiven, so i accounted for that as income for the year. Thanks for your help.