Shutting down a partnership in PTO

[LFCochrane]

I have a partnership that is winding down.  One partner left, the other set up a S Corp and is continuing operations.

I am having issues closing out the balance sheet and partnership allocations.

[IntuitJim]

Troubleshooting suggestions:

1. Zero out the equity in M-2 Capital Accounts by distributing remaining assets (or increasing / decreasing other amounts), which drives the Partner Capital ending balance. 

2. Look for health insurance premiums or non-deductible amounts adjusting M-2 capital. 

3. Check the special allocations tab on the top menu, scroll thru each capital item looking for amounts that might create an out of balance. 

Hope that clears it up.