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Partnership K1

SL2020
Level 2

How does taxable income flow to Partnership K1, schedule L for 2019

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2 Replies 2
abctax55
Level 15

Same way it did for 2018?

Net income adjusts Line 21, on Sch L.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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SL2020
Level 2

Let me be more clear;   Why is book income flowing through to Schedule L on the K1 when it should be taxable income?   Please note that tax basis capital account accounting method is checked on the information worksheet.

Thank you

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