meyercpa
Level 1
02-21-2021
02:56 PM
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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!
sjrcpa
Level 15
02-21-2021
05:27 PM
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Depends on your accounting method. Be consistent from year to year.
Ex-AllStar