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Partnership K-1's

Level 1

Partnership K-1 capital accounts are supposed to shown on a tax basis this year.  The total of the capital accounts flow into the balance sheet which is on a book basis. How can you accomplish this contradiction? 

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1 Reply 1
Level 4

In screen 28 for Schedule M-2, check the box for "recompute Sc. M-2, line 3 if partnership books are NOT on tax basis".

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