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My S corp receive some distribution from a partnership. How to report it?

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Level 1

My S corp receive some distribution from a partnership. How to report it?

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Level 15

The distribution reduces the Investment in Partnership asset on the Balance Sheet.


ex-AllStar
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Level 1

S corp received k1 income an LLC. Should I put them on schedule D of form 1120s or  Should I put them on line 5 (other income 1120s) or schedule K line 10 (other income)?

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Level 12

What software are you using?

Your posts are saying different things.  Which boxes on the K-1 have numbers in them?

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Level 10

Income passed through from the 1065 goes on the appropriate lines: other ordinary income, rental income, interest, dividends, etc. Losses ditto.

You have to adjust the investment on the balance sheet: incomes asset increases, losses asset decreases, cash distributions asset decreases(cash in bank increased when distribution was received).

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