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userraymond
Level 2
March 13, 2023
Question

Can you split a cash investment unevelnly from 2 partners in an S-Corp ?Under partner basis worksheet #1 invested 69,100 #2 69,500. quickbooks keeps showing each 69,300

  • March 13, 2023
  • 2 replies
  • 9 views
I need to put total increase under schedule M-2 of 138,600 and it keep spliting it evenly between partners.
This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
March 13, 2023

Is this a QuickBooks question or a ProConnect tax software question?

The more I know the more I don’t know.
    U
    userraymondAuthor
    Level 2
    March 13, 2023

    Quickbooks, and it has 2 partners sorry about that. It is a partnership owned by 2 S-Corps.

    T
    TaxGuyBill
    Level 15
    March 13, 2023
    @userraymond wrote:

    Quickbooks, and it has 2 partners sorry about that. It is a partnership owned by 2 S-Corps.


    I don't know the Quickbooks part, but are you entering it as a Partnership or as a S-corporation?

    It sounds like it is a Partnership, but you might be accidentally entering it as a S-corporation.

      abctax55
      abctax55
      Level 15
      March 13, 2023

      S-Corps don't have partners, they have shareholders.

      Unless an LLC electing?

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