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M
Mary SASLLC
Level 4
March 15, 2025
Question

Partner buying out another partner

  • March 15, 2025
  • 1 reply
  • 11 views

How do I record a partner buying another partner out in a 1065 ProConnect Tax Online. The buyout happened Jan 2024. There were 2 partner, one bought out the other and this is their final 1065 return for the business. I want the capital basis to appear for both in the beginning but ending capital should only be for the remaining partner. Any volunteers!!!!

 

Please be nice, We all learn everyday 🙂

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 15, 2025

    Use other increases/decreases to adjust each person's capital account.

    The more I know the more I don’t know.
      M
      Mary SASLLCAuthor
      Level 4
      March 16, 2025

      Thank you for your response. I was able to increase the partner that bought the other one over, capital. However, I don't know how to make sure the partner that was bought, balance reflects zero . His ending capital still shows the value even though we have increased the other partner's capital. and all the ending balance for the profit sharing loss and capital percentages have been updated to zero. 

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