Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Accounting entries for the seller's capital & basis accounts in a partnership
Accounting entries for the seller's capital & basis accounts in a partnership
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
BillSittig
Level 2
02-16-2022
02:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Partner 1 (a partnership) sells his 50% interest to Partner 2 (an individual) for cash, all outside of the main partnership. What entries do I make on the main partnerships books to reflect the sale? What do I do with the sellers (Partner 1) balances in their capital account, which is larger than the sale price? Same question about the basis for the seller, (Partner 1); what do I do with it?
Thanks.
Labels
