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How would you decrease a member's capital account on Schedule K-1 if they abandoned their LLC interest? Would this go under "other increases (decreases)"? If so, what would the statement attached include?

Would the additional statement just say, "Member abandoned interest"?

 

Thank you.

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sjrcpa
Level 12

Other decrease and your explanation sounds fine.


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sjrcpa
Level 12

Other decrease and your explanation sounds fine.


ex-AllStar

View solution in original post

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Thanks so much! You answered both of my questions. Is there any way I can buy you a coffee? 😃

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