Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 04-01-2014, 02:45 PM
Junior Member
 
Join Date: Apr 2014
Posts: 1
Ending Capital Accounts - Final Tax Return

Can someone please assist me with this situation?

I have a final partnership tax return where the partners have positive balances in the ending capital accounts. But since schedules L, M1 and M2 don't have to be completed because of answering "Yes" to question 6 on Schedule B, Schedule L is then blank on the K-1s. How should this be handled to show that there are positive balances in the capital accounts?

If I choose to have Schedules L, M1 and M2, then the balance sheet will not balance since everything else has been zeroed out.

Thanks very much!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Final K1 Capital Gain jnix Capital Gains 3 02-11-2014 10:28 PM
K1 Ending Capital Account Balance speedracer350 Miscellaneous 3 01-07-2014 12:30 PM
Ending capital account on K-1 from prior year kenwx23 Miscellaneous 3 10-09-2013 10:19 AM
Final return with debt Chris Read Limited Liability Company 1 06-15-2013 06:41 AM
Capital Gains/Losses in Kids Accounts Larson2000 Capital Gains 0 03-28-2010 06:11 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.