Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Partnership K-1's

MG49
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? 

Labels (1)
0 Cheers
1 Reply 1
kgreen8393
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".

0 Cheers