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- special allocation of tax depreciation from the schedule K to a specific partner screws up the book capital account reconciliation on the K-1
special allocation of tax depreciation from the schedule K to a specific partner screws up the book capital account reconciliation on the K-1
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Kendrickboy
Level 1
09-10-2020
04:41 PM
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I allocated special depreciation to a specific partner and it skews the capital account reconciliation in Lacerte. The profit and loss split is 50-50, the balance sheet is a gaap basis balance sheet, and the allocation of depreciation is a tax item which should not influence the gaap basis profit split? What am I missing?
S
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